- NY Credits : 3.0
- TX Credits : 3.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 3.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 3.0
This course addresses changes in tax law pursuant to the Tax Cuts and Jobs Act (TCJA), the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Families First Coronavirus Response Act (FFCRA), and the Setting Every Community Up for Retirement Enhancement (SECURE) Act that will impact taxpayers who file a Schedule C. The course discusses the Section 199A Qualified Business Income deduction that is available to eligible Schedule C filers. In addition, the course will look at the phase-in rules for application of the W-2 wages and assets calculation in determining the Section 199A deduction, as well as the deduction phase-out rules for taxpayers in specified service trades or businesses. The course provides examples of various fact patterns and walks participants through the Section 199A deduction computations. Lastly, the course will address potential tax-saving strategies taxpayers could employ to reduce the income tax due under the provisions of the recent legislation.
Upon successful completion of this course, the user should be able to:
identify the changes recent tax law will have on taxpayers who file a Schedule C,
describe the basics of the Section 199A deduction,
list the phase-in rules for determining the Section 199A deduction and the deduction phaseout rules for taxpayers in certain businesses,
identify tax benefits provided under legislation enacted in response to the COVID-19 pandemic, and
recognize potential tax-savings strategies taxpayers can employ to reduce income tax under recent tax law.