Tax Cuts and Jobs Act Deep Dive: Part 1 (Currently Unavailable)

Author: John J Connors

In this on-demand course, tax expert and educator, John J. Connors, JD, CPA, LLM provides an in-depth analysis of the new tax laws enacted under the Tax Cuts and Jobs Act of 2017. The 6-hour course covers all of the bases so you can be prepared to answer all of your clients’ questions regarding the TCJA.

Publication Date: February 2018

Designed For
EAs, tax professional, and CPAs in industry and public accounting who need a thorough understanding of how the Tax Cuts and Jobs Act will affect 2018 returns and planning.

Topics Covered

• Business Tax Provisions
• Accounting Method Changes
• Other Small Business Accounting Method Reforms
• Capitalization Rules
• Deductions & Exclusions
• Business Tax Credits
• Partnership Tax Provisions
• S Corporation Tax Provisions
• New 20% Deduction for K-1 and Proprietorship Profits and Net Rental Income under Sec. 199A

Learning Objectives

• Identify and advise clients on the new Tax Act
• Gain awareness of the numerous changes
• Identify the new effective tax rates and 20% deduction for K-1 income
• Differentiate clients on choice-of-entity issues going forward
• Identify which clients are still subject to AMT
• Recognize how to maximize deductions for immediate write-off of asset acquisitions
• Identify the C Corporation Tax Rate as a result of the TCJA
• Differentiate statements with respect to bonus depreciation
• Recognize correct statements with respect to passenger automobiles and the Section 179 deduction
• Describe the number of years, under the final Conference bill, the depreciable life for both residential and commercial real estate will remain
• Identify types of property uses a 10-year useful life for purposes of MACRS depreciation
• Recognize types of properties are now included in the definition of "qualified improvement property" as a result of the TCJA
• Differentiate statements with respect to property used in a farming business
• Identify and apply correct statements regarding corporate AMT
• Recognize the changes to fringe benefits as a result of the TCJA
• Differentiate code sections provides that the gross income of a corporation
• Describe correct small business accounting methods
• Identify the allowances for businesses under uniform capitalization (UNICAP) rules under Code §263A
• Differentiate correct statements regarding net operating loss deductions
• Identify business credits under the TCJA
• Recognize C Corporations tax rates under the new rate for Code §1375 built-in gains
• Describe the taxable income tax rate percentage
• Identify depreciable tangible personal property that is purchased for use in the active conduct of a trade or business, and includes off-the-shelf computer software
• Recognize nontraditional real property subject to a 20-year MACRS amortization
• Identify depreciation of property and the recovery period
• Recognize and apply how TCJA repealed the required use of property used in a farming business
• Describe due dates and provisions of the TCJA

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (6 hours)

Program Prerequisites
Basic understanding of federal income taxation topics.

Advance Preparation
None