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Passthrough Business Deduction - Section 199A Selected Overview

Passthrough Business Deduction - Section 199A Selected Overview

$19.95$19.95
  • SKU : MI20191
  • OUR PRICE :$19.95
  • CREDIT HOURS : 2
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Passthrough Business Deduction - Section 199A Selected Overview  
     
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 taxable 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 exemplified. 		  
Learning Objectives:  
Upon successful completion of this course, participants will be able to:
  • Recognize §199A's limited effective time period, it's complex calculation process and the general exclusions, limits, and restrictions applicable to the provision.
  • Determine the §199A deduction amount, the type of  W-2 wages used in calculating the wage/capital limit and specify how the limit impacts the amount and availability of the deduction.
  • Identify qualified business income and loss, its basic components and the ability of a taxpayer to aggregate businesses in its determination.

  • Recognize the specified services trade or business exclusion, the listed excluded services and the important exceptions provided by the regulatory de minimis rule. Identify a domestic trade or business.

  
Course Number: MI20191
NASBA Field of Study: Taxes
Level:                     Overview
Author/Instructor: Danny C.Santucci
Publication Date: June 2026
Prerequisites: General understanding of federal income taxation
Advanced Preparation:  None
IRS Program Number: XW9MP-T-02059-26-S

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