Tax Cuts and Jobs and CARES Act: Highlights for Passthrough Entities (Completed)

Date: Wednesday, January 27, 2021
Instructor: Greg White
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

Answer Client Questions; Get Ahead on Tax Cuts and Jobs Act and CARES Effects

Put on your seatbelt and hold on. Congress passed most significant tax act in 31 years. Join experienced instructor Greg White for a high-speed overview in this one-hour CPE webinar that will focus on the qualified business income deduction (QBID) and how that works for specific partnership, S corp, and LLC clients.

Prepared and presented by tax expert and tax educator, Greg White, this course will give you the overview you need on these vital topics to help you prepare for the 2020 tax year the impact of the Tax Cuts and Jobs Act on your passthrough entity clients.

Who Should Attend
EAs, tax professionals, and CPAs in industry and public accounting who need a thorough understanding of how the Tax Cuts and Jobs Act will affect 2020 returns and planning.

Topics Covered

  • Qualified Opportunity Funds: QOFs
  • Eligible Gains— "Shoe Horning" into QOF Benefits
  • Different Types of QOFs
  • When Does the 180‐Day Clock Start Ticking?
  • Carried Interests
  • QBID ‐‐ Overview
  • SSTB Income
  • Breaking Free of "Business‐by‐Business" Limit Aggregation
  • Who's Subject to §163(j)?
  • Entities that Are Subject to §163(j): "Siloed" Interest Expense
  • CARES Act and §163(j)
  • Do Real Estate Rentals Qualify for QBID?
  • IRS Seems Unsure
  • Clearing the Fog: Triple Net Leases and the 2nd Circuit
  • Revenue Procedure 2019‐38 — Safe Harbor

Learning Objectives

  • Identify how to advise clients on TCJA and CARES Act
  • Recognize and apply the new effective tax rates and 20% deduction for K-1 income
  • Describe tax incentives provided
  • Recognize the current C Corporation Tax Rates
  • Identify referenced court cases found that the rental real estate in question was in fact a business
  • Describe the different types of QOFs

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None

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