2018 Federal Tax Update: Individual

Author: Greg White

CPE Credit:  5 hours for CPAs
5 hours Federal Tax Law Updates for EAs and OTRPs
5 hours Federal Tax Updates for CTEC

More than ever, this year promises to be one with lots of questions from your clients. How much has changed after the Tax Cuts and Jobs Act (TCJA)? What questions are not answered yet by the IRS?

CCH CPELink Webinars will help you through the uncertainty with this course specific for individual clients taught by Greg White, CPA. This course will describe the latest developments in individual taxation.

Publication Date: October 2018

Designed For
All CPAs, EAs, tax preparers and other tax professionals who advise clients and prepare federal income tax returns.

Topics Covered

  • Recent and Forthcoming Guidance-Treasury Guidance
  • Warning- TCJA Was Drafted in a Hurry!
  • Tax Rates
  • Child Tax Credit and Kiddie Tax
  • TCJA and Bonus Depreciation
  • Breaking News— Bonus Depreciation & Partnership Step-Ups
  • Passenger Automobiles
  • 15-Year Property
  • Section §179
  • Section §179-Qualified Real Property
  • Trading Places— QIP
  • Alimony— Income and Deductions
  • AMT
  • Gambling Losses
  • Planning for Itemized Deductions, Playing the Hand You're Dealt
  • Home Mortgage Interest Limits
  • Transforming Interest Expense—Planning to Increase Interest Deductions
  • Property/Income/Sales Taxes
  • Miscellaneous Itemized Ddns.
  • Health Savings Accounts ("HSA's")
  • Net Operating Losses
  • Hobby Losses: Out of the Frying Pan into the Fire
  • Repeal Individual Mandate
  • Estate Tax, GST, and Gift Tax
  • Estate and Gift The Clawback
  • Excess Business Losses
  • Business Tax Credits
  • Business Interest Expense
  • Entertainment Deductions
  • Food and Beverages
  • Qualified Transportation Benefits, Athletic Facilities
  • Evaporation!
  • Like-Kind Exchanges
  • Partnership Changes
  • Carried Interests
  • Technical Terminations

Learning Objectives

  • Recognize and apply the latest developments in individual taxation for 2018
  • Recognize how to prepare accurate 2017 individual tax returns for 2018
  • Identify the new 2018 federal income tax rate and standards deductions for filers
  • Describe the impact to bonus depreciation from the TCJA passage
  • Identify the 2026 bonus depreciation rate
  • Differentiate types of properties now included in the definition of "qualified improvement property" as a result of the TCJA
  • Describe examples of qualified improvement property
  • Recognize changes to AMT under the new tax laws
  • Recognize correct statements with respect to the new tax act and related individual deductions
  • Identify one of the most prominent miscellaneous itemized deductions suspended from 2018-2025
  • Differentiate correct statements with respect to HSAs
  • Recognize aggregate business losses for individuals filing married jointly are limited to under TCJA
  • Identify business food and beverage de minimis rules that were repealed as a result of the TCJA
  • Describe correct statements with respect to net operating losses
  • Identify tax impacts from the TCJA passage with a shelf life
  • Recognize the estimated percent of taxpayers that will itemize in 2018, based on changes to the standard deduction for taxpayers
  • Identify the maximum refundable portion of the child tax credit, under TCJA
  • Recognize which types of property is ineligible for Section 179 tax treatment beginning in 2018 for calendar year taxpayers
  • Identify the requirements for classification of qualified real property
  • Identify an exclusion under the new definition of qualified improvement property
  • Recognize the expected number of taxpayers to pay AMT in 2018 given the changes from the TCJA
  • Identify a driver of the reduction of taxpayers paying AMT as a result of the TCJA
  • Describe which miscellaneous itemized deductions have been suspended for what years
  • Recognize the de minimis rule related to the allocation of stock purchases is allowed if facilitative costs are less than
  • Identify contributions eligible after which month of Medicare eligibility with respect to HSAs
  • Identify the family coverage HSA contribution deduction limit for 2018
  • Differentiate which types of deductions are no longer allowed as a result of TCJA

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (5 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $99

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