Tax Cuts and Jobs Act Deep Dive: Part 2

Author: John J Connors

In part two, John Connors will further discuss the impact of the Tax Cuts and Jobs Act with topics including: Tax Rate Schedules, individual deductions, tax breaks, and other mandates. Client case studies will reinforce the tax implications of TCJA. The discussion will include the Qualified Business Income Deduction under Sec. 199A

This course reflects tax law after enactment of 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

• 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