Tax Cuts and Jobs Act Deep Dive: Part 2

Author: John J Connors

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.

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