Tax Cuts and Jobs Act Deep Dive: Part 1

Author: John J Connors

CPE Credit:  6 hours for CPAs
6 hours Federal Tax Law Updates for EAs and OTRPs
6 hours Federal Tax Updates for CTEC

Get ahead on the Tax Cuts and Jobs Act to answer your Client questions. In part one of this series, renowned tax expert and tax educator, John J. Connors, JD, CPA, LLM, will coverall the bases, including an in-depth analysis of the complex maze of new rules dealing with the provisions of TCJA.

This course reflects tax law after enactment of TCJA.

This course is excluded from the following subscription programs:
Value Pass, Unlimited Self-Study, Unlimited Webinars, Self-Study & Webinars Package, and Firm Package.

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
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (6 hours)

Program Prerequisites
Basic understanding of federal income taxation topics.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $149

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