Tax Cut and Job Act Summary
Field of Study:
The Tax Cuts and Jobs Act was approved by Congress December 20, 2017, and signed by President Trump on December 22, 2017. The Act impacts virtually every individual and business in a way not seen in over 30 years. With most provisions effective 2018, it lowers the individual and corporate tax rates, repeals numerous tax credits and deductions, enhances the child tax credit, boosts business expensing, and impacts the Affordable Care Act (ACA) by effectively repealing the individual mandate.
This course is an overview providing reference to selected individual, education, business, retirement, insurance, international and estate tax provisions enacted or indexed for inflation by the TCJA. The resulting major tax changes carry special meaning to the tax practitioner and return preparer. The course is intended to be a resource for tax professionals and staff alike to gain easy access to the most important major changes enacted by TCJA.
After completing this course, you should be able to:
- Recognize a client's potential use of the S corporation format and its tax advantages and disadvantages by:
- Apply changes imposed by the Tax Cuts & Jobs Act (TCJA) relating to individual income taxes by identifying:
- modifications to tax rates & the personal exemption,
- AMT exemptions,
- changes to the child tax credit,
- new educational incentives & student loan discharge rules,
- Mortgage interest & suspended deduction provisions, and
- Alimony & estate taxation changes.
- Point out key TCJA business provisions, including new corporate tax rates, expanded §179 expensing, denial of certain entertainment expense, and business credits.
- Recognize TCJA changes to:
- insurance taxation,
- tax treatment of excess of compensation,
- deferred foreign income provisions, and
- exempt organization and international taxation.
Recommended CPE credits:
General understanding of federal income taxation.
Type of delivery method:
Final examination expiration date:
The program participant will have one year from the date of purchase to complete the course and final examination.
Web CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org