Self-Study
3
Update
Taxes
None

Course Description

The Tax Cuts and Jobs Act of 2017 (TCJA), signed into law during the closing days of 2017, affects the tax planning and income tax liability for many taxpayers. Among those for whom the TCJA will have a more significant effect are business owners of pass-through trades or businesses who may be eligible for the TCJA's pass-through deduction. This course will examine the pass-through deduction authorized under § 199A of the TCJA.  

The text is conceptually divided into three sections: First, calculation of the pass-through deduction for business owners whose taxable income does not exceed a threshold amount set by statute; second, calculation of the pass-through deduction for business owners whose taxable income is greater than the threshold; and finally, calculation of the pass-through deduction for business owners whose taxable income is greater than the threshold and whose businesses are considered specified service trades or businesses (SSTBs). The final chapter examines each of the business categories that are considered specified service trades or businesses and identifies those businesses that might appear to be placed in those categories but which would not be deemed SSTBs.   




Instructor

Paul Winn

Paul Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.



Course Specifics

Taxes
Feb 24, 2020
None
SS8202651
72
None


Compliance Information

103220
IRS Provider #: 0MYXB
IRS Course ID: 0MYXB-U-01500-20-S
IRS Federal Tax Update Credits: 3
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-1396
CTEC Federal Tax Update Credits: 3
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

•Recognize a pass-through trade or business;
•Calculate the pass-through deduction for a qualified trade or business owner whose taxable income does not exceed the applicable threshold;
•Define the terms 'qualified trade or business” and 'qualified business income,” for purposes of the pass-through deduction; and
•Apply the carryover rules applicable to pass-through business owners who have negative combined qualified business income or qualified REIT          dividends/PTP income. 

Chapter 2

•Identify the applicable threshold amounts;
•Recognize the requirement that would enable an SSTB to qualify for an exception to disqualification for the pass-through deduction;
•Calculate qualified business income of SSTBs and non-SSTBs for business owners whose taxable income exceeds the applicable threshold;  
•Recognize the methods that may be used to determine W-2 wages for purposes of the pass-through deduction; and
•Define 'qualified property” as used in connection with the pass-through deduction.

Chapter 3

•Determine when the general rule for calculating QBI is modified for § 199A deduction purposes;
•Apply the pass-through deduction rules to calculate the reduction percentage and the applicable percentage for purposes of the § 199A deduction;
•Calculate the § 199A deduction for a pass-through business other than an SSTB whose owner's taxable income is within the phase-in range; and
•Calculate the § 199A deduction for an SSTB pass-through business whose owner's taxable income is within the phase-in range.

Chapter 4

•Recognize a qualified trade or business; and
•Identify specified service trades or businesses (SSTBs). 



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Online Access

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