Description:

The final §199A regulations that included guidance on the Qualified Business Income (QBI) deduction released contained over 300 pages. This textbook will walk through the QBI rules from the standpoint of the entity and several case studies that involve QBI and decisions related to various entities. Choosing an entity for your client is also important, as each type has its pros and cons when it comes to filing taxes. Analyze switching entities and the tax consequences associated with that change. This textbook will also illustrate the changing tax laws to maximize deductions for partners, shareholders and self-employed individuals.

QBI and Choosing a Business Entity covers:

• New 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 or shareholders.
• Reporting income and expenses to adhere to new QBI rules.
• Completing the Forms 1065 and 1102S for clients with QBI and comparing with Schedule C.
• Applying entity selection strategy to case studies.
• Requirements and consequences to change business entities.
• How an S corporation changes its business entity.

Product Details:

Level: Intermediate

Author: NATP Staff

Publisher: NATP

Publication Date: 2019

Format: Print