Understand The Employee Retention Tax Credit and Section 199A Qualified Business Income Deduction


Jun 13,2023

PRESENTER(s): Nick Preusch CPA

1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 240 Minutes
  • Webinar Instruction will be emailed on your registered email address 3 days prior to webinar
  •  | 
  • Web Download / e-Transcript will be shared in 7 working days from the date of webinar

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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 Then, it was repealed retroactively by the Infrastructure Act of 2021.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.

Topics will include: : 
  • 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
Learning Objectives: 
  • 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.

Topics will include: : 
  • 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
Credits and Other information:
  • 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
  • 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

Speaker Profile:
Nick Preusch CPA, JD, LLM is a tax litigation consultant, premier proponent and advocate of taxpayer rights. For over three decades, Dan has been tremendously successful in his negotiations with the IRS. Regarded as one of the country’s premiere experts in IRS procedures, Dan provides people across the country with sound solutions to their tax-related problems. He has helped countless thousands of citizens solve personal and business tax problems they thought might never be solved. Furthermore, Dan’s proven techniques can effectively prevent IRS problems before they begin.

Dan is the author of over fourteen books, dozens of research reports and hundreds of articles. Dan’s work is regularly featured on radio and television as well as in major newspapers, leading magazines and trade publications nation-wide. His books have been recommended by prominent magazines and financial publications such as the Wall Street Journal, Money, Family Circle, Investor’s Business Daily. The Wall Street Journal ranked Dan's book, “The IRS Problem Solver”, as the number one tax book in America. Dan has written or contributed to major articles for Reader’s Digest, National Review, Reason, USA Today Magazine and others.

Dan was a consultant to the National Commission on Restructuring the IRS. He works with numerous public policy research institutes and presented testimony to Congress on several occasions. His testimony to the Senate Finance Committee blew the lid off IRS abuse and led to many new taxpayers’ rights and protections. He is admitted to practice before the United States Tax Court where he represents taxpayer across the nation

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