Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2024 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Join experienced instructor Greg White for a high-speed overview that will focus on the qualified business income deduction (QBID) and how that works for specific partnership, S corp, and LLC clients. This course will give you the overview you need on these vital topics to help you prepare for the 2021 tax year.
Publication Date: January 2022
Designed For
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
- Recognize how many different types of qualified opportunity funds generally come in
- Identify the 2021 threshold amount for QBID for married filing jointly taxpayers
- Recognize aggregation factors with respect to QBID
- Differentiate tax court cases which cases concluded that the rental real estate was not a business
- Identify the number of ways a rental can product QBI
- Identify the 2021 maximum employee retention credit per employee per quarter
- Recognize which form is used to claim the employee retention credit
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of federal income taxation concepts.
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.