Tax Cuts and Jobs Act Highlights for Passthrough Entities (Currently Unavailable)

Author: Greg White

In this on-demand lesson, tax expert and educator Greg White, provides a high-speed overview that focuses on the qualified business income deduction (QBID) and how it works for partnerships, S corps, and LLCs. Designed for EAs, tax professionals, and CPAs, the course will help you learn to identify the new effective tax rates and 20% deduction for K-1 income, identify accumulated earnings under TCJA, and more.

Publication Date: August 2019

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 2018 returns and planning.

Topics Covered

• Should You Really Have A C Corp?
• Convert to C corporation?
• Accumulated Earnings Tax
• Exceptions
• Convert C corp → S corp?
• Conversion Bonus
• §199A QBID Overview
• Specified Service Trades or Businesses: Guard Rails
• Wage and Property Caps —Business-by-Business
• Do RE Rentals Qualify for QBID?
• Rev. Rul. 60-206: Is it Too Big a Leap?
• IRS Seems Unsure
• Triple Nets
• Notice 2019-07: Rental Real Estate Safe Harbor
• Answers to Common Questions
• Technical Terminations
• Opportunity Zones
• Qualified Opportunity Funds
• Client Calls
• How Is the Election Made?
• Appendix IIRPE Disclsoure

Learning Objectives

• Recognize how to advise clients on the Tax Cuts and Jobs Tax Act
• Identify the new effective tax rates and 20% deduction for K-1 income
• Recognize what's included in qualified business income for purposes of the TCJA
• Describe qualified business income deduction (QBID) and how it applies to tax payers
• Identify accumulated earnings under TCJA
• Recognize the corporate tax rate under TCJA
• Identify what is a recommended tax planning strategy for a taxpayer facing wage and property limit issues
• Recognize true statements regarding accumulated earnings under the Tax Cuts and Jobs Act
• Recognize the "shelf life" of the qualified business income deduction under the Tax Cuts and Jobs Act
• Identify what is always considered a qualified trade or business for purposes of the Tax Cuts and Jobs Act

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of passthrough entities.

Advance Preparation
None