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QBI and Choosing a Business Entity Textbook (2021) - #21331

QBI and Choosing a Business Entity Textbook (2021) - #21331

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Overview

Description:

The Qualified Business Income Deduction (QBID) is a tax concept every tax professional should know about to ensure your client receives the biggest tax benefit available. In this textbook, learn about qualified business income (QBI) from the standpoint of the entity and complete several case studies. Choosing an entity for your client is also important, as each type has its pros and cons when it comes to filing taxes. We analyze switching entities and the tax consequences associated with that change. We also illustrate the changing tax laws to maximize deductions for partners, shareholders and self-employed individuals.

View Table of Contents.

Topics include:

  • Outline of the rules regarding qualified business income QBI
  • Identifying which taxpayers can take the deduction for QBI
  • Calculating QBI and the QBI deduction
  • Identifying filing requirements for entities passing through QBI to partners and shareholders
  • Correctly reporting income and expenses to adhere to QBI rules
  • Completing Forms 1065 and 1120S for clients with QBI and compare with Schedule C
  • Applying entity selection strategy to case studies
  • Requirements and consequences to change business entities
  • Illustrating how an S corporation changes its business entity

Product Details:

Level: Intermediate

Authors: NATP Staff

Published: 2021

Format: Print - 258 Pages


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