The Tax Cuts and Jobs Act brought about the most far-reaching changes to the tax code
in a generation. New tax rates, deductions for pass-through entities, new depreciation
rules, changes to home mortgage interest deductions, modifications of NOL rules, and
new alimony rules are only some of the issues on which practitioners need to get
up-to-speed this year. In this course, tax advisors will be fully updated on the most
important legislative and regulatory developments of the season as well as major trends
and changes in the case law.
DESIGNED FOR
CPAs who need to know the latest tax law changes in all areas of practice
BENEFITS
- Understand the latest tax law changes
- Understand strategies and techniques for individuals to use in light of tax changes
- Understand current cases and rulings affecting individuals and businesses
HIGHLIGHTS
- New loss limitation rules applicable to NOLs and the ability to offset income
- Revised home mortgage interest deduction
- Treatment of state and local taxes
- Monumental changes to the treatment of alimony for both payor and payee
- Section 1031 like-kind exchanges
- Carried interest
- New deferral possibility for stock options
- New bonus depreciation rules and expansion of Sec 179
- Expanded number of taxpayers able to use the cash method of accounting
- New rules on entertainment expenses, including meals
- 30% business interest limitation
- New business credit for wages paid due to family and medical leave
- Doubling of estate and gift tax exemption to $22.8M for a married couple
- Comprehensive coverage of the emerging flagship item of tax reform, Sec 199A and
its alteration of pass-through taxation and planning
- Relevant state domicile issues which are quickly becoming a new source of
practitioner profit
- Review of pertinent cases and rulings affecting taxpayers
- Practice aids, including all the numbers applicable for the current year --
inflation-adjusted amounts, mileage rates, retirement contributions, and more
- The latest issues related to any other late-breaking tax law changes
COURSE LEVEL
Update
PREREQUISITES
Experience with individual and business clients
ADVANCE PREPARATION
None