Self-Study
Overview
CPE Credits
2 Credits: Taxes
Course Description
The Tax Cuts and Jobs Act (P.L. 115-97), enacted Dec. 22, 2017, created, under §199A, a new deduction for up to 20% of qualified business income (QBI) from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships for tax years beginning after Dec. 31, 2017. However, determining the §199A deduction amount and availability is a very complex multi-step process that may phase out some or all of the deduction.
In the face of this complexity, the text provides a selected overview of the basic components of this below-the-line deduction. Qualified business income, taxpayer’s taxable income, wage/capital limit, specified services trade or businesses, and other key components are not only defined and calculated but their interaction is demonstrated and exampled.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
- Recognize §199A’s limited effective time period, it’s complex calculation process and the general exclusions, limits, and restrictions applicable to the provision.
- Determine the §199A deduction amount, the type of W-2 wages used in calculating the wage/capital limit and specify how the limit impacts the amount and availability of the deduction.
- Identify qualified business income and loss, its basic components and the ability of a taxpayer to aggregate businesses in its determination.
- Recognize the specified services trade or business exclusion, the listed excluded services and the important exceptions provided by the regulatory de minimis rule. Identify a domestic trade or business.
Course Specifics
|
Course ID 8212741 |
Revision Date February 28, 2021 |
Number of Pages 51 |
Prerequisites General understanding of federal income taxation. |
Advanced Preparation None |
Compliance information
NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01765-21-S
IRS Federal Tax Law Credits: 2
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01765-21-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1553
CTEC Federal Tax Law Credits: 2
CTEC Course Number: 2071-CE-1553
CTEC Federal Tax Law Credits: 2
Course Instructor
Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known …
Passthrough Business Deduction
$58.00 – $78.00
Self-Study
Overview
CPE Credits
2 Credits: Taxes
Course Description
The Tax Cuts and Jobs Act (P.L. 115-97), enacted Dec. 22, 2017, created, under §199A, a new deduction for up to 20% of qualified business income (QBI) from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships for tax years beginning after Dec. 31, 2017. However, determining the §199A deduction amount and availability is a very complex multi-step process that may phase out some or all of the deduction.
In the face of this complexity, the text provides a selected overview of the basic components of this below-the-line deduction. Qualified business income, taxpayer’s taxable income, wage/capital limit, specified services trade or businesses, and other key components are not only defined and calculated but their interaction is demonstrated and exampled.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
- Recognize §199A’s limited effective time period, it’s complex calculation process and the general exclusions, limits, and restrictions applicable to the provision.
- Determine the §199A deduction amount, the type of W-2 wages used in calculating the wage/capital limit and specify how the limit impacts the amount and availability of the deduction.
- Identify qualified business income and loss, its basic components and the ability of a taxpayer to aggregate businesses in its determination.
- Recognize the specified services trade or business exclusion, the listed excluded services and the important exceptions provided by the regulatory de minimis rule. Identify a domestic trade or business.
Course Specifics
|
Course ID 8212741 |
Revision Date February 28, 2021 |
Number of Pages 51 |
Prerequisites General understanding of federal income taxation. |
Advanced Preparation None |
Compliance information
NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01765-21-S
IRS Federal Tax Law Credits: 2
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01765-21-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1553
CTEC Federal Tax Law Credits: 2
CTEC Course Number: 2071-CE-1553
CTEC Federal Tax Law Credits: 2
Course Instructor
Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known …
Passthrough Business Deduction
$58.00 – $78.00