The Tax Cuts and Jobs Act is the biggest change to the US tax code in over 30 years. It is imperative that you learn about the significant tax law changes made to the way unincorporated businesses will be taxed starting with 2018 tax year.

This course discusses the impact of the new tax law on partnerships, S corporations, Trusts and Unincorporated businesses including a detailed explanation of the new Qualified Business Income (QBI) Deduction, available only to unincorporated businesses.

Topics covered include:

  • Definition of a Qualified Business
  • Businesses included
  • Businesses excluded
  • Limitations on the Qualified Business Income Deduction
  • Reporting requirements for pass-through entities
  • Lower tax rate from QBI deduction v. lower corporate tax rate
Learning Objectives
  • Discover how the new Tax Cuts and Jobs Act benefits unincorporated businesses
  • Recognize what qualifies as Qualified Business Income (QBI)
  • Explore how to compute the Qualified Business Income Deduction
  • Discover how the Qualified Business Income Deduction may be phased-out or eliminated for  Specified Service Trade or Business (SSTB)
  • Discover how the Qualified Business Income Deduction may be subject to the W-2 wage and Unadjusted basis of qualified property (Unadjusted Basis Immediately After Acquisition - UBIA) limits
  • Explore the reporting requirements for pass-through entities, such as partnerships, S corporations and Trusts.
  • Discover insights into whether an unincorporated entity should take advantage of the QBI deduction or incorporate to take advantage of the new lower corporate tax rate.
Last updated/reviewed: August 27, 2023
Course Search
24 Reviews (122 ratings)

Reviews

4
Anonymous Author
Overall the course gave a good overview of Sect 199(A). However, it seemed that there were discrepancies or errors in some of the slides, especially with regard to threshold limits ($415K vs $450K etc). The blanket "the tax software can handle these calculations" statement doesn't give me a good feeling when I feel I must be able to forecast out whether a client may/may not get the QBI in a particular year ahead of receiving the K-1s. I guess I am looking for a few more practice problems! What surprised me...Watson v Commissioner. I will look for more classes from this instructor simply based upon what she brings from her analysis of this case.
4
Member's Profile
Well-presented, solid overview of a somewhat complex recently added tax deduction. Particularly with respect to tax instruction, I find it very beneficial when the instructor explains the rationale behind the tax rules and effective strategies to reduce taxes where appropriate. To her credit, Professor Hennig does so in certain instances. This and other taxation courses would benefit from applying this approach more thoroughly.
5
Member's Profile
Wow - understanding the QBI deduction is a real challenge!!! The instructor does a great job of laying out the rules of computing the deduction, as well as explaining how to use knowledge of the subject to help clients with tax planning. I’m planning to listen to the entire lecture again to ensure I didn’t miss any important info.
4
Anonymous Author
This course was informative and I liked how it covered a number of examples. Overall it was very helpful and I would recommend it. My only con was the presenter was perhaps too close to the mic, as I could hear every swallow and smack, along with a lot of "OK" after every other sentence and this got a bit distracting.
4
Member's Profile
Good basic instructive summary of 199A. I am thining it could be organized in a different manner. Maybe classified by various types of entities and then low medium high QBI to TI matrix to see where the break levels are. Too much of one thing or the other means no deduction.
5
Anonymous Author
The course was great very clear and informative. I enjoyed learning more about the QBI. However, the questions didn't seem to follow the course material and I spent well over the two hours rereading the course material, which was very disappointing,
4
Member's Profile
Cherie’s course on QBI was thorough, but the presentation materials could be more visual & include more examples. At times, it was hard to follow. Overall, good course to learn terminology and application of QBI.
5
Member's Profile
Very good presentation of a difficult topic. This topic is personally relevant to me and my clients. I would love a follow-on course with more specific examples and strategies.
5
Anonymous Author
The course provides a good overview of the QBI deduction with simple to very complex examples of the computation. I appreciate the exam not delving into complex nuances.
5
Anonymous Author
Enjoyed the course even though I'm not a tax accountant or business owner. Makes it easier to "answer" tax questions from people who assume all CPA's are tax pro's.
4
Member's Profile
I like it because it has many details about the new tax provision about Qualified Business Income Deduction. CPAs and business owners all should know about it.
4
Member's Profile
It is hard to follow if someone does not have a background information about Sec. 199A deduction. Generally a good course but tired to finish.
3
Anonymous Author
Consider calling this out as a 301 level course. It was very difficult for a 101 professional to follow this course.
5
Anonymous Author
Good course on the Qualified Business Income Deduction and the tax planning opportunities and pitfalls.
5
Anonymous Author
Presentation was clear and well-organized. Support materials were well-suited to support the material.
5
Member's Profile
Very informative and provided good examples. Most beneficial for business tax prepares.
5
Anonymous Author
Excelent course. Great info as always. Keep the godo Work. Thank you!!!!
4
Member's Profile
good info I'll use during tax season. have to keep writing to get cert
4
Member's Profile
confusing topic, I learned some but needed more time and more examples.
5
Member's Profile
I really enjoyed this course, examples were practical and realistic.
5
Anonymous Author
Challenging material for non-tax people, but fairly well-presented.
4
Member's Profile
This is a good introduction to QBI and calculating the deduction.
4
Member's Profile
It was informative, someone to start with for this section
5
Member's Profile
Excellent overall introduction to a complex tax topic.
show all reviews
Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Qualified Business Income Deduction: Tax Planning Opportunities and Pitfalls14:36
  Closer Look6:23
  Sec. 199A for Moderate Income & Non-Service Provider Taxpayer4:12
  Specified Services Trades or Businesses (SSTBs)3:09
  Sec 199A for Threshold Income, Service and Non-Service Provider Taxpayer10:43
  W-2 Wages Limitation17:39
  “Unadjusted Basis Immediatley After Acquisition (UBIA)” of Qualified Property6:38
  Sec.199A for HIgh-Income, Service Provider Taxpayer2:09
  Aggregating Businesses6:15
  Reporting Issues & Conclusion8:05
CONTINUOUS PLAY
  Qualified Business Income Deduction: Tax Planning Opportunities and Pitfalls Full Video1:19:48
Supporting Materials
  Slides: Qualified Business Income Deduction: Tax Planning Opportunities and PitfallsPDF
  Qualified Business Income Deduction: Tax Planning Opportunities and Pitfalls Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam