Understand The Employee Retention Tax Credit and Section 199A Qualified Business Income Deduction
EVENT DATE:
PRESENTER(s): Nick Preusch CPA
This program has been approved HRCI Credit 4 and NASBA & IRS CPE Credit 4(Taxes)
Download Attendee Material
Conference Material (Password Required)Understand Employee Retention Credit under the CARES Act
The Employee Retention Credit (ERC) is a refundable credit that could be worth tens of thousands of dollars to small businesses that need the money. The Employee Retention Credit was added to the law by the CARES Act in March 2020. Since then, it has gone through multiple changes. Then, it was repealed retroactively by the Infrastructure Act of 2021. But what does all that mean for your clients? The ERC rules were subject to substantial ebb and flow, but many businesses still may qualify and don’t even know it.
This webinar provides details of the history of the ERC, who qualifies and what you can do now to help small businesses take advantage of what might be a substantial cash refund from the IRS.
- Legislative background of the ERC
- Evolution of the ERC
- Examination of what businesses qualify for ERC
- Determining specific qualifications
- Calculating the credit amount
- Interaction between ERC and PPP loans
- Potential effect on businesses of ERC repeal
- Potential ERC audits and related penalties
- Define strategies and mechanics to claiming ERC alongside PPP forgiveness
- Outline the extension of ERC—including new rules
- Identify who qualifies (and does not) for ERC
- How to apply for employee retention credit?
- What is the deadline for employee retention credit?
- Is the employee retention credit taxable income
- List new opportunities under ARPA for start-up businesses
- Name strategies for churning out those 941s (and 941-Xs and 7200s) to cash in
Understanding Section 199A Qualified Business Income (QBI) Deduction
Many owners of sole proprietorships, partnerships, S corporations and some trusts and estates may be eligible for a qualified business income (QBI) deduction – that called the Section 199A deduction.
The Tax Cuts and Jobs Act (TCJA) was a major overhaul of our tax system that has lowered the income tax rates for individual and corporate taxpayers and introduced a new 20% deduction for qualified business income (QBI) for sole proprietors and pass-through entities. The cornerstone of this online continuing education course is the comprehensive discussion of the newly enacted 20% QBI deduction regulations under IRC §199A and other TCJA income tax provisions affecting individuals and businesses.
- What is & Who Qualifies “qualified business income”?
- Who qualifies for the qualified business income deduction?
- If you’re over the income limit
- In-depth analysis of the final Section 199A regulations
- Computing the Section 199A Deduction
- Negative QBI amount, netting and carryover rules
- W-2 wages and UBIA & their impact on QBI
- To determine which businesses are SSTB.
- Understand how to disclose to the IRS if an entity may be in an SSTB grey area.
- To explore how entity structure will change your SSTB calculations.
- To explain misc. SSTB provisions.
- How to qualify for the QBI deduction
- How the qualified business income deduction works
- Recommended CPE credit – 4.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS
- Attendance Requirement: Yes
- Session Duration: 4 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA
- Enrolled Agents (EAs)
- Tax Professionals
- Attorneys
- Other Tax Preparers
- Finance professionals
- Financial planners
