Tax Cuts & Jobs Act: Ongoing Impacts on Tax Planning Self-Study Webinar (10 Hours)

Overview: 

The Tax Cuts and Jobs Act of 2017 unleashes the most significant alterations to the tax code in 30 years. This historic and sweeping reform legislation is poised to dramatically impact nearly every taxpayer across the financial spectrum—from individuals and families to corporations, pass-through entities and estates. Through detailed comparisons of pre- and post- legislation tax filings, an expert reveals in a practical way:

  • How critical rule changes will impact taxation and planning strategies for 2019 and beyond
  • What specific law changes will be delayed until 2019
  • Which legislation will sunset and what happens then
Objective: 

To enable accountants and financial professionals to get up to speed on the Tax Cuts and Jobs Act of 2017, and understand the legislation’s short- and long-term impacts across the board. This self-study webinar will provide detailed examples on how the new legislation will impact tax filings for all filers—single, married filing jointly, head of household, married filing separately, corporations and other business entities.

Emphasis: 
  • Detailed analysis of the new legislation and its impact on:
    – Individuals
    – Corporations
    – Businesses and pass-through entities
  • Impact of the new tax legislation on estate taxes and estate planning
  • Law changes delayed until 2019
  • Sunset legislation with definitive end dates
  • Foreign taxation issues
  • Financial statement considerations for corporations and businesses
  • Planning for future tax liabilities

Recognize the degree to which individual and business changes sunset under the Act

Identify the Act’s effect on individual taxpayer’s tax brackets, personal exemptions and the standard deduction

Identify the primary change to the “kiddie tax” rules

Identify the changes to the computation of inflation measurements

Identify the changes to individuals’ itemized deductions

Recognize the changes made to the Affordable Care Act individual mandate

Recognize the change in the Pease limitation

Recognize the new child tax credit limitation

Recognize the overall approach taken by Congress to give income tax relief to pass-through income recipients

Identify the basic formula for tax relief under Section 199A

Identify the effective tax rate applicable to income qualifying for the Section 199A deduction

Identify the scenarios under which limitations to the deduction will apply

Identify the separate limitation formulas associated with qualified and nonqualified business income

Identify types of income excluded from consideration for deduction

Recognize the definition of a “qualified trade or business” under Section 199A

Recognize those types of professional service businesses falling outside the limitations of non-qualifying businesses

Identify the new corporate tax rate structure

Identify the new parameters for the corporate dividends received deduction

Identify the applicability of the AMT tax on corporations under the Act

Recognize the status of the domestic production activities deduction

Recognize the treatment of research and experimentation expenses

Identify the treatment of local lobbying expenses

Identify the credit available to employers who pay wages to employees on family and medical leave

Identify the threshold for the use of the cash method of accounting

Identify the Section 179 expensing limits

Identify the bonus depreciation limits

Recognize the property no longer considered “listed property” under the Act

Identify the effect of the Act on an individual’s estate and gift lifetime exemption amount

Recognize additional due diligence requirements applicable to tax preparers
 

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Price: 
$199.00
Prerequisite: 

Working knowledge of federal income taxes.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
10.00
NASBA Field of Study: 
Taxes