QBI and Choosing a Business Entity Self-Study

Summary

The final §199A regulations that included guidance on the qualified business income (QBI) deduction released contained over 300 pages. This hands-on workshop will walk through the QBI rules from the standpoint of the entity and complete several case studies that involve QBI and decisions related to various entities. Choosing an entity for your client is also important, as each type has its pros and cons when it comes to filing taxes. We’ll analyze switching entities and the tax consequences associated with that change. We’ll also illustrate the changing tax laws to maximize deductions for partners, shareholders and self-employed individuals.

Objectives

Upon completion of this course, you will be able to:

• Outline the new rules regarding Qualified Business Income (QBI).
• Identify which taxpayers can take the deduction for QBI.
• Calculate QBI and the QBI deduction.
• Identify filing requirements for entities passing thru QBI to Partners or Shareholders.
• Correctly report income and expenses to adhere to new QBI rules.
• Complete the Forms 1065 and 1102S for clients with QBI and compare with Schedule C.
• Apply entity selection strategy to case studies.
• Discuss requirements and consequences to change business entities.
• Illustrate how an S Corporation how it changes its business entity.

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.