Course No: 9275523
Field of Study: Tax Law Topic
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.
Prerequisites: General understanding of federal income taxation.
Advance preparation: none
Course Material: Online Material
Type of delivery method: QAS Self-study
The program participant will have one year from the date of purchase to complete the course and final examination.
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