Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Qualified Business Income and More: Small Business Impacts of TCJA (QBIM)

NEW! 8-Hour Program

WHY ATTEND THIS COURSE?

What is a specified service business, how is the deduction impacted by W-2 wages or investments in property and numerous other issues related to the qualified business income/passthrough deduction must be addressed by CPAs advising closely held businesses. This program will address these concerns and others, as well as incorporate up-to-date information on IRS guidance in this area. The law contained other provisions that will impact a small business to be covered in this course, including the revisions to bonus depreciation, the denial of deductions for entertainment and additional provisions that impact small businesses enacted as part of the TCJA.

DESIGNED FOR...

CPAs who work in or advise closely held businesses

OBJECTIVE

Participants will be able to:

  • Calculate the qualified business income amount for each trade or business of a taxpayer
  • Identify a specified service business as defined in Section 199A
  • Determine the applicability of and amount of the various limitations on the deduction
  • Describe the additional types of property eligible for the 100% bonus depreciation
  • Identify the types of entertainment that remain deductible and establish criteria for identifying meals that are and are not entertainment

MAJOR SUBJECTS

  • Qualified business income amount computation
  • Definition of a specified service business
  • Application of W-2 wage and qualified property limitations for QBI deduction
  • Changes to types of property eligible for increased bonus depreciation
  • Bar on deduction of entertainment expenses-what can still be deducted?
  • Status of issued IRS guidance in these areas, expected future guidance and how to advise clients until such guidance is finalized

COURSE ACRONYM: QBIM

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Advanced/Update

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes

RECOMMENDED CPE CREDIT: 8 hours


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SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.