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Course No: 9275524

Passthrough Business Deduction

$25

  • Credits: 2.0
  • Program level: Overview
  • Prerequisites: General understanding of federal income taxation.
  • Advance preparation:: None

Field of Study: Tax Law Topic

Course Description

The Tax Cuts and Jobs Act (P.L. 115-97), enacted Dec. 22, 2017, created, under 199A, a new deduction for up to 20% of qualified business income (QBI) from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships for tax years beginning after Dec. 31, 2017. However, determining the 199A deduction amount and availability is a very complex multi-step process that may phase out some or all of the deduction.

In the face of this complexity, the text provides a selected overview of the basic components of this below-the-line deduction. Qualified business income, taxpayer's tax-able income, wage/capital limit, specified services trade or businesses, and other key components are not only defined and calculated but their interaction is demonstrated and exampled.

Learning objectives

Course Material: Online Material

Type of delivery method: QAS Self-study

Final examination expiration date:

The program participant will have one year from the date of purchase to complete the course and final examination.

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Web CPE is registered with the IRS to provide Continuing Education (CE) programs to the Enrolled Agents and other tax return practitioners.

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