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Video instructions and help with filling out and completing Does form 4835 qualify for qbi
Hello and welcome to the session this is Professor for hat in this session we're going to be looking at qualified business income deduction and this is section 199 a of the new tax cuts and Jobs Act of 2022 this topic has covered an income tax course it's definitely covered on the CPA exam starting 2022 and it will be covered on the enrolled agent exam as always I would like to remind my viewers that shoot to connect with me on a professional level if you have a LinkedIn account please connect with me if you don't have a LinkedIn account you should have a LinkedIn account it's very good for your professional image as well as your networking effort if you have a Facebook you good luck you can like my Facebook page and connect with me on my personal Facebook you want to make sure you subscribe to my youtube this is what I house all my lectures so once I place a new lecture you are aware of it and you are up to date if you like my lectures please like them press on the like button put them in playlists share them with friends so more people can benefit and this is my Twitter handle I do have a website where I house all my lectures organized by chapter and course it's the idea of qualified business income deduction so what is the overall idea well the overall idea is to level the playing field between the C chord and other form of tax payers okay so basically we have C chord and the C corporation now they have a flat rate of 21% now you can operate as a C chord or you can operate as a sole proprietorship you could operate in a partnership or you can operate as an S corp so notice here what happened is this the C chord has a 21% flat rate what about the other ones the other ones they are a different form of business and what happened is they're going to be taxed at a higher rate because then that's that those are tax flow entities the income is gonna flow to the tax payer therefore what the government said to level the playing field we should give this group which is less it doesn't have to be this specific those three groups but any non corporate tax payer any none C corporate tax payer the ability to have a deduction to make the tax rate comparable to the 21 percent because the C code break is flat 21 percent so this is the overall idea is to level the playing field between the C Corp and the non Corp businesses okay so under the tax cuts and Jobs Act of 2022 section 199 a this is the this is the code section was added to the Internal Revenue Code so this is basically a new such new section it allows up.