CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

2020-2021 Federal Tax Update: Qualified Business Income Deduction

Icon_Self-Study
Self-Study
Icon_Level
Update
Credits
CPE Credits
1 Credits: Taxes

Course Description

Qualified Business Income deduction, included in the passing of the Tax Cuts and Jobs Act, allows for a deduction of up to 20% of QBI from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships. This provision is a significant tax benefit. Vern Hoven, one of America’s premier tax presenters, has written this thorough guide to help you ensure the best tax break for your clients.

Learning Objectives

Upon successful completion of this course, participants will be able to:
• Cite the rules and regulations related to defining qualified businesses, specified service trade or business, and qualified business income and determine the taxpayers and business types which qualify for the QBI deduction.
• Identify elements that have changed for the current year and cite characteristics of new IRS guidance on QBI.
• Apply the formula accurately to calculate a taxpayer’s QBI deduction including determination of the phase-in of the wage and asset-based limitations.
• Cite the rules and regulations around the impact of multiples businesses for a taxpayer.
• Cite the rules and regulations for relevant pass-through entities and identify their reporting requirements.

Course Specifics

Course ID
8202680
Revision Date
May 20, 2020
Number of Pages
64
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01558-20-S
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1454
CTEC Federal Tax Update Credits: 1

Course Instructor

Vern Hoven, CPA, MT

Vern Hoven, CPA, MT, is one of America’s premier tax presenters and speaks to over 100 groups a year on a variety of tax topics. He teaches at Western CPE Federal Tax Update seminars and conferences and produces self-study and webcasts courses as well. Vern consistently receives outstanding evaluations and has won numerous teaching awards, including the prestigious AICPA 2014 Sidney Kess Award for Excellence in Continuing Education. Vern is the author of the best-selling Real Estate Investor’s Tax Guide and a favorite interviewee on radio, television, and in newspapers. His presentation skills have earned him the coveted Certified Speaking …

Vern Hoven, CPA, MT Read More »

Sharon Kreider Headshot
Sharon Kreider, CPA

Sharon Kreider, CPA, has helped more than 15,000 California tax preparers annually get ready for tax season. She also presents regularly for the AICPA, the California Society of Enrolled Agents, CCH Audio, and Western CPE. You’ll benefit from the detailed, hands-on tax knowledge Sharon will share with you—knowledge she gained through her extremely busy, high-income tax practice in Silicon Valley. With her dynamic presentation style, Sharon will demystify complex individual and business tax legislation. She’s a national lecturer for business and professional groups and consistently receives outstanding evaluations. In 2014, she was awarded the prestigious AICPA 2014 Sidney Kess Award …

Sharon Kreider, CPA Read More »

2020-2021 Federal Tax Update: Qualified Business Income Deduction

Format
CPE CREDITS
1 Credits: Taxes

$29.00$39.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Update
Credits
CPE Credits
1 Credits: Taxes

Course Description

Qualified Business Income deduction, included in the passing of the Tax Cuts and Jobs Act, allows for a deduction of up to 20% of QBI from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships. This provision is a significant tax benefit. Vern Hoven, one of America’s premier tax presenters, has written this thorough guide to help you ensure the best tax break for your clients.

Learning Objectives

Upon successful completion of this course, participants will be able to:
• Cite the rules and regulations related to defining qualified businesses, specified service trade or business, and qualified business income and determine the taxpayers and business types which qualify for the QBI deduction.
• Identify elements that have changed for the current year and cite characteristics of new IRS guidance on QBI.
• Apply the formula accurately to calculate a taxpayer’s QBI deduction including determination of the phase-in of the wage and asset-based limitations.
• Cite the rules and regulations around the impact of multiples businesses for a taxpayer.
• Cite the rules and regulations for relevant pass-through entities and identify their reporting requirements.

Course Specifics

Course ID
8202680
Revision Date
May 20, 2020
Number of Pages
64
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-01558-20-S
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1454
CTEC Federal Tax Update Credits: 1

Course Instructor

Vern Hoven, CPA, MT

Vern Hoven, CPA, MT, is one of America’s premier tax presenters and speaks to over 100 groups a year on a variety of tax topics. He teaches at Western CPE Federal Tax Update seminars and conferences and produces self-study and webcasts courses as well. Vern consistently receives outstanding evaluations and has won numerous teaching awards, including the prestigious AICPA 2014 Sidney Kess Award for Excellence in Continuing Education. Vern is the author of the best-selling Real Estate Investor’s Tax Guide and a favorite interviewee on radio, television, and in newspapers. His presentation skills have earned him the coveted Certified Speaking …

Vern Hoven, CPA, MT Read More »

Sharon Kreider Headshot
Sharon Kreider, CPA

Sharon Kreider, CPA, has helped more than 15,000 California tax preparers annually get ready for tax season. She also presents regularly for the AICPA, the California Society of Enrolled Agents, CCH Audio, and Western CPE. You’ll benefit from the detailed, hands-on tax knowledge Sharon will share with you—knowledge she gained through her extremely busy, high-income tax practice in Silicon Valley. With her dynamic presentation style, Sharon will demystify complex individual and business tax legislation. She’s a national lecturer for business and professional groups and consistently receives outstanding evaluations. In 2014, she was awarded the prestigious AICPA 2014 Sidney Kess Award …

Sharon Kreider, CPA Read More »

2020-2021 Federal Tax Update: Qualified Business Income Deduction

Format
CPE CREDITS
1 Credits: Taxes

$29.00$39.00

Clear