MORNING SESSION: The Tax Cuts and Jobs Act (TCJA) contains widespread changes that affect many aspects of individual and business taxes for 2018 and beyond. Your clients will be coming to you with a myriad of concerns and planning questions. Don’t get caught off guard. Get up-to-speed on the critical aspects of the new law and prepare to effectively advise both your individual and business clients.
AFTERNOON SESSION:
By far the most complex provision of the Tax Cuts and Jobs Act is the Section 199A 20% deduction for pass-through entity owners and real estate investors. CPAs must know how Section 199A works in detail so their clients can take advantage of the tremendous opportunities this provision offers. On August 8, the IRS released almost 200 pages of regulations on this topic, providing greatly needed guidance and specificity concerning the relevant terms and calculations. This program will equip practitioners with the knowledge to help clients implement Section 199A and maximize the 20% deduction, in light of this new IRS guidance.
DESIGNED FOR
Tax practitioners seeking to understand the new tax legislation and how it impacts their clients, and understanding the §199A deduction.
BENEFITS
- Understand and apply the categorical changes in the tax law brought about by the Tax Cuts and Jobs Act
- Understand how the 20% deduction for pass-through entity owners works: how to calculate, apply and claim the §199A deduction
HIGHLIGHTS
MORNING SESSION: The Tax Cuts and Jobs Act
- Reduction in individual and corporate tax rates
- Taxation of pass-through entities
- Deduction of home mortgage interest
- State and local tax deductions
- New alimony rules
- Repeal of the Obamacare individual mandate
- Standard deduction and itemized deductions
- Child tax credit
- Use of §529 accounts
- Survival of personal AMT and repeal of corporate AMT
- Estate and gift tax
- New limitations on business losses
- New depreciation rules and §179 expensing
- Business interest
- Modification of NOL rules
- New credit for employer-paid family and medical leave
- Repatriation of foreign funds
AFTERNOON SESSION: Understanding Section 199A
- Operational rules for calculating the Section 199A deduction
- Definitions that apply for purposes of the Section 199A deduction
- Calculating the deduction for taxpayers with taxable income within the phase-in-range
- What is a specified service trade or business?
- Computation rules and examples for individuals whose taxable income does not exceed the threshold amount
- Computation rules and examples for individuals whose taxable income exceeds the threshold amount
- Treatment of non-calendar year taxpayers
- Requirements for aggregation of separate trades or businesses
- Anti-abuse rules targeting use of trusts
- Guidance on methods for calculating W-2 wages for purposes of Section 199A
- Special rules for pass-through entities, SE tax, and net investment income tax
COURSE LEVEL
Intermediate
PREREQUISITES
A basic understanding of the Federal tax rules relating to individuals and businesses.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- This seminar qualifies for CFP credit.
- This seminar is IRS-Qualified for Enrolled Agents.
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