What is a specified service business and how is the deduction impacted by W-2 wages or investments in property? These questions as well as numerous other issues related to the qualified business income/passthrough deduction must be addressed by practitioners 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 Tax Cuts and Jobs Act.
DESIGNED FOR
Practitioners who work in or advise closely held businesses.
BENEFITS
- 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
HIGHLIGHTS
- 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 LEVEL
Update
PREREQUISITES
General tax knowledge.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
Course materials are distributed electronically and we’ve passed the savings along to you - registrants save $20 on all 8-hour seminar pricing. To access the materials visit
My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.