Tax Cuts and Jobs Act

Overview

The Tax Cuts & Jobs Act (“TCJA”) was approved by Congress on 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 and later, 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.

Highlights

• Tax bracket modifications and changes • Individual & business tax credits, deductions and exclusions • Education incentives • Saving, pensions and retirement • Corporate and small business taxation • Insurance provisions • Compensation restrictions • International provisions • Exempt organization taxation

Designed For

CPAs and other business and finance professionals.

Objectives

• Apply changes imposed by the Tax Cuts and Jobs Act (TCJA) relating to individual income taxes by identifying: • Modifications to tax rates and the personal exemption • AMT exemptions • changes to the child tax credit • new educational incentives and student loan discharge rules • Mortgage interest and suspended deduction provisions • Alimony and estate taxation changes • Point out key TCJA business provisions, including new corporate tax rates, expanded 179 expensing, denial of certain entertainment expenses and business credits. • Recognize TCJA changes to • Insurance taxation • Tax treatment of excess of compensation • Deferred foreign income provisions • Exempt organization and international taxation