S01-Section 199A: Qualified Business Income Deduction

**Repeat Session**: this exact same session will also be taught as S29 on Friday from 8:00 am – 9:40 am

Wednesday, June 26 | 10:10 am - 11:50 am
Track: Business
CE
     2 hours Federal Tax Update (EA, CRTP, OTRP)
     2 hours Taxes/Tax Planning (CPA, CFP)
     1.75 hours Taxation Law (Attorney – CA Bar MCLE)
     2 hours (CSEA/NAEA)
Speaker: Karen Brosi, EA, CFP®

Description: The Tax Cuts and Jobs Act (TCJA) resulted in historic tax reform that impacts nearly every American. During this time of change, the Section 199A Small Business Deduction has been one of our most asked about areas of the new tax law.  This session will provide a comprehensive overview of the new Qualified Business Income (QBI) deduction with a focus on the Section 199A Small Business Deduction. You will learn about the purpose and goal of QBI, how QBI is calculated and important planning opportunities.

Learning Objectives:
1. Understand who qualifies for the 20% deduction
2. See what we know about who is and is not a service business
3. Go through an entity by entity calculation
4. Recall how QBI is calculated
5. Recognize treatment of specific service trade or businesses and the interrelation with Section 1202
6. Identify planning opportunities, such as aggregating businesses, splitting off businesses, choice of entity, managing limitation amounts and avoiding classification as a specified service trade or business

Learning Level: Intermediate

Prerequisites: None


Advanced Preparation: None