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

Author: Greg White

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

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

 Chat — Books Support