QBI and Choosing a Business Entity Self-Study
In this valuable hands-on workshop, we will review qualified business income (QBI) from the standpoint of the entity, and complete several case studies that involve QBI and decisions related to various entities. We'll discuss how to determine which entity is best for your client. We will analyze switching entities and the tax consequences associated with that change. Finally, we will illustrate the changing tax laws to maximize deductions for partners, shareholders and self-employed individuals.
Upon completion of this course, you will be able to:
- Outline the 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 through QBI to partners and shareholders
- Correctly report income and expenses to adhere to QBI rules
- Complete Forms 1065 and 1120S 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 changes its business entity
This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.