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Video instructions and help with filling out and completing Does form 4835 qualify for qbi deduction
Instructions and Help about Does form 4835 qualify for qbi deduction
So hello everyone and welcome to this month's webinar on the new section 199 a deduction and whether or not it's gonna qualify for you or not and this is primarily for business owners so this webinar is part of a series of monthly webinars what we do for our clients and the public on important subject matters and today's is really important because it affects a lot of other people my name is Ora Orion I'm with a cap asset management we are a both a CPA firm and a private wealth management firm located in Los Angeles feel free to ask your questions in the box below and I will get to them at the end of the presentation so go ahead and start putting your questions in at any time and I will get to all of them I promise by the end of the presentation so let's go ahead and get started so the 2022 tax cuts and Jobs Act was passed in December 27 2022 it was also known as HR 1 now it was met with immediate excitement among Americans and then confusion among business owners as they started reading the fine print especially regarding the section 199 a deduction that we're gonna go over today now the C corporation tax cut was really straightforward because it was easy to understand it declined from 35% to 21% and stocks were reacted positively to that but the more generous 20% deduction based on the 199 a applies to only pass-through entities and pass-through entities our LLC's S corporations sole proprietors partnerships those are primarily pass-through entities it sounded pretty simple when it was announced but when we started digging through the fine print we realized it was anything but simple in fact it's actually quite complicated to implement so today I want to go over some of the provisions and that we do know about and then discuss some of the areas that we practitioners still need additional guidance from the IRS and US Treasury on here's a quick roadmap of what we're going to talk about I want to first point out that this presentation is for business owners more specifically it is for pass-through business owners Nazi corporations we're not going to discuss the different types of entities like C's or essays or LLC's if you own an S corporation an LLC or are sole proprietor or about thinking of becoming one of these entities this year then this presentation is for you this also we were not going to cover anything related to individual taxation that was covered in a previous webinar and it's also available on our website and our YouTube page what I'm going to talk about I'm going to explain what exactly is a $1.99 a deduction I'm going to talk about the income thresholds as well as defined specific terms that are used in the law I will present an easy-to-understand flowchart to help you quickly identify.