Tax Cuts and Jobs Act Deep Dive (Full-Day Program) (Completed)

Answer Client Questions; Get Ahead on Tax Cuts and Jobs Act Effects
Combining the real-life experience of working with numerous CPA firms and tax professionals around the country with comprehensive easy-to-read materials containing pertinent examples and illustrations, this powerful CPE webinar will provide you with the most recent and up-to-date explanations available on the Tax Cuts and Jobs Act of 2017. You'll receive answers to your clients’ tax questions in an accessible .PDF manual with regard to not only the impact on their 2017 tax returns, but more importantly, their tax situations going forward in 2018 and future years. Written and presented by renowned tax expert and tax educator, John J. Connors, JD, CPA, LLM, this course covers all the bases, including an in-depth analysis of the complex maze of new rules dealing with the all of the items listed below and much more!

Who Should Attend
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

• The latest information and planning strategies on utilizing 100% bonus depreciation and Sec. 179 immediate expensing to minimize your clients taxes while also considering at-risk basis limitations and the PAL rules?
• Will your client run afoul of the Sec. 1250 depreciation recapture trap on commercial real property despite using S/L method on remainder of the building's basis after taking either bonus depreciation or Sec. 179?
• Does the new law have any impact on the Sec. 469 passive loss rules?
• Special intensive review of the new Sec. 199A 20% deduction on K-1 "qualified business income;" Is it available for net rental income on either Schedule E or Form 8825?
• Using retirement pay-ins to keep taxable income below "threshold amounts" for service-based businesses
• Dramatically lower 21% flat tax rates on PSC income; Should you still bonus out all taxable income?
• Should C corp profits instead be retained and invested to take advantage of the new 50% dividend received deduction?
• What about Sec. 531 accumulated earnings tax or Sec. 541 personal holding company penalties?
• Are the build-in gains penalty and excess passive income penalties now reduced to 21%?
• New definition of "qualified improvement property" now includes roofs, HVAC, fire and security systems, etc.
• Luxury car caps significantly increased
• Should S elections be revoked? Should Form 8832 "check-the-box" elections be made for LLCs?
• How were NOL carrybacks and carryforwards impacted?
• Availability of cash method of accounting now greatly expanded
• To what extent will your client still be able to deduct business interest expense?
• Can "tax prep fees" now be treated as "professional fees" on Schedule C, E or F?
• New caps on mortgage interest and "tracing rules" for all other indebtedness. Can we still deduct interest on QSRs?
• What about the pre-payment of property taxes v. state and local income taxes?
• No deduction for any entertainment expenses going forward?
• With repeal of technical terminations for partnerships, how does this affect depreciable or amortizable assets?
• What is the impact on child care and educational expenses?
• Will my individual clients still pay AMT?
• How about LTCGs and dividends, and the tax treatment of investment interest expense?
• "Kiddie tax" now calculated using rates for trusts and estates; no need to refer to parents' tax return
• Are my alimony payments still deductible?
• How long must you own and use your principal residence to get the exclusion? Is it subject to phaseout or periods of "nonqualified use" after 2008?
• Taking the standard deduction v. itemizing going forward; numerous examples illustrating which is preferable

Learning Objectives

• Understand and be able to advise clients on the new Tax Act
• Awareness of the numerous changes as we prepare client 2017 returns
• Fully understand the new effective tax rates and 20% deduction for K-1 income
• Advise clients on choice-of-entity issues going forward
• Identify which clients are still subject to AMT
• Maximize deductions for immediate write-off of asset acquisitions

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (8 hours)

Program Prerequisites
Basic understanding of federal income taxation topics.

Advance Preparation
None