Tax Cuts and Jobs Act Deep Dive: Part 2 (Currently Unavailable)
Author: John J Connors
| CPE Credit: |
3 hours for CPAs
3 hours Federal Tax Law Updates for EAs and OTRPs
3 hours Federal Tax Updates for CTEC |
John Connors returns to discuss additional Tax Cuts and Jobs Act topics, including tax rate schedules, individual deductions, tax breaks, and other mandates. In this on-demand course, John uses client case studies to reinforce the tax implications of TCJA.
This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar 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
- New 20% Deduction for K-1 and Proprietorship Profits and Net Rental Income under Sec. 199A
- Individual Tax Calculations
- Tax Rates Schedules for 2018
- Individual Deductions
- Individual Credits and Exclusions
- Educational Tax Breaks for Individuals
- Individual Health Insurance Mandate
- Retirement Plans
- Estate and Generation-Skipping Transfer Taxes
- Income Tax Rates for Trusts and Estates
- Client Case Studies
Learning Objectives
- Identify and advise clients on the new Tax Act
- Gain awareness of the numerous changes
- Recognize the new effective tax rates and 20% deduction for K-1 income
- Recognize and advise clients on choice-of-entity issues going forward
- Identify which clients are still subject to AMT
- Recognize maximize deductions for immediate write-off of asset acquisitions
- Identify a component of qualified business income with respect to the 20% deduction for K-1 and proprietorship profits
- Differentiate critical steps with respect to the new 20% deduction for K-1 and proprietorship profits and net rental income
- Identify the new 2018 federal income tax rate for single individuals
- Recognize the new standard deduction for head of households
- Differentiate correct statements with respect to the changes to AMT under the new tax laws
- Describe the new tax act and related individual deductions
- Identify and apply individual credits and exclusions of the new tax act
- Recognize tax areas which generally remained the same under the new tax regulations
- Describe Roth IRA recharacterizations
- Identify any trade or business other than a specified service trade or business and other than the trade or business of being an employee
- Recognize the threshold amount for single filers
- Describe the highest federal income tax rate for single individuals
- Identify the new standard deduction for married couples filing jointly
- Recognize the kiddie tax rates applicable to trusts and estates to the net unearned income of a child
- Describe miscellaneous deductions subject to the previous 2% excess over a taxpayer's adjusted gross income have been eliminated as a result of the new tax act
- Recognize new rates and amounts under the new tax act
- Identify the new unified credit equivalent with respect to estate and generation-skipping transfer taxes
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (3 hours)
Program Prerequisites
Basic understanding of federal income taxation topics.
Completion of CPE course Tax Cuts and Jobs Act Deep Dive: Part 1 .
Advance Preparation
None
