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| Author : | Andrew Clark, EA |
| Course Length : | Pages: 110 ||| Word Count: 87,220 ||| Review Questions: 39 ||| Final Exam Questions: 65 |
| CPE Credits : | 13.0 |
| IRS Credits : | 13 |
| Price : | $107.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2346 |
| Description : | The Tax Cuts and Jobs Act of forms the current foundation of the US tax code. The Tax Cuts and Jobs Act is organized into four primary sections of: Individual Tax Reform, Business Tax Reform, Exempt Organizations and International provisions. This is an updated course for 2024 that will provide a thorough review of the Business Tax Reform portion of the Tax Cuts and Jobs Act Bill (H.R.1.) as well as any changes for 2024. Part 1 of this course will provide a summary description of all provisions referenced in the Business Tax Reform section of the Tax Cuts and Jobs Act. It will identify which sections changed when the tax law was enacted in 2018 and which were updated for 2024. Each provision will reference a more detailed description of the provision in Part 2 of this course. The detailed description will review the pre-2018 law, provide a detailed description of the changes for 2018 and identify the effective date that the provision became effective. |
| Usage Rank : | 20000 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | Basic understanding of federal tax code. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
IRS Newsroom
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 12-Aug-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 2346 |
| Keywords : | Taxes, 2024, Tax, Code, Updates, Business, Provisions, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives At the end of this course, students will be able to:
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| Course Contents : | Chapter 1 - 2024 Tax Code Updates for Business Provisions Course Learning Objectives Introduction Part 1 – Overview of the Business Tax Portion of the Tax Cuts and Jobs Act BUSINESS TAX REFORM Tax Rates Reduction in corporate tax rate Cost Recovery Increased expensing Modifications to depreciation limitations on luxury automobiles and personal use property Modifications of treatment of certain farm property Applicable recovery period for real property Use of alternative depreciation system for electing farming businesses Expensing of certain costs of replanting citrus plants lost by reason of casualty Small Business Reforms Expansion of section 179 expensing Small business accounting method reform and simplification Modification of treatment of S corporation conversions to C corporations Reform of Business Related Exclusions, Deductions, etc. Interest Modification of net operating loss deduction Like-kind exchanges of real property Revision of treatment of contributions to capital Repeal of deduction for local lobbying expenses Repeal of deduction for income attributable to domestic production activities Entertainment, etc. expenses Repeal of exclusion, etc., for employee achievement awards Unrelated business taxable income increased by amount of certain fringe benefit expenses for which deduction is disallowed Limitation on deduction for FDIC premiums Repeal of rollover of publicly traded securities gain into specialized small business investment companies Certain self-created property not treated as a capital asset Repeal of special rule for sale or exchange of patents Repeal of technical termination of partnerships Recharacterization of certain gains in the case of partnership profits interests held in connection with performance of investment services Amortization of research and experimental expenditures Certain special rules for taxable year of inclusion Denial of deduction for certain fines, penalties, and other amounts Denial of deduction for settlements subject to nondisclosure agreements paid in connection with sexual harassment or sexual abuse Uniform treatment of expenses in contingency fee cases Reform of Business Credits Repeal of credit for clinical testing expenses for certain drugs for rare diseases or conditions Repeal of employer-provided child care credit Rehabilitation credit Repeal of work opportunity tax credit Repeal of deduction for certain unused business credits Termination of new markets tax credit Repeal of credit for expenditures to provide access to disabled individuals Modification of credit for portion of employer social security taxes paid with respect to employee tips Employer credit for paid family and medical leave Energy Credits Modifications to credit for electricity produced from certain renewable resources Modification of the energy investment tax credit Extension and phaseout of residential energy efficient property credit Repeal of enhanced oil recovery credit Repeal of credit for producing oil and gas from marginal wells Modification of credit for production from advanced nuclear power facilities Bond Reforms Termination of private activity bonds Repeal of advance refunding bonds Repeal of tax credit bonds No tax-exempt bonds for professional stadiums Insurance Net operating losses of life insurance companies Repeal of small life insurance company deduction Surtax on life insurance company taxable income Adjustment for change in computing reserves Repeal of special rule for distributions to shareholders from pre-1984 policyholders surplus account Modification of proration rules for property and casualty insurance companies Modification of discounting rules for property and casualty insurance companies Election to use own historical loss payment pattern Repeal of special estimated tax payments Computation of life insurance tax reserves Modification of rules for life insurance proration for purposes of determining the dividends received deduction Capitalization of certain policy acquisition expenses Tax reporting for life settlement transactions, clarification of tax basis of life insurance contracts, and exception to transfer for valuable consideration rules Compensation Modification of limitation on excessive employee remuneration Excise tax on excess tax-exempt organization executive compensation Treatment of qualified equity grants Increase in excise tax rate for stock compensation of insiders in expatriated corporations Other Provisions Treatment of gain or loss of foreign persons from sale or exchange of interests in partnerships engaged in trade or business within the United States Modification of the definition of substantial built-in loss in the case of transfer of partnership interest Charitable contributions and foreign taxes taken into account in determining limitation on allowance of partner’s share of loss Cost basis of specified securities determined without regard to identification Expansion of qualifying beneficiaries of an electing small business trust Charitable contribution deduction for electing small business trusts Production period for beer, wine, and distilled spirits Reduced rate of excise tax on beer Transfer of beer between bonded facilities Reduced rate of excise tax on certain wine Adjustment of alcohol content level for application of excise tax rates Definition of mead and low alcohol by volume wine Reduced rate of excise tax on certain distilled spirits Bulk distilled spirits Modification of tax treatment of Alaska Native Corporations and Settlement Trusts Amounts paid for aircraft management services Opportunity zones Provisions relating to the low-income housing credit Part 1 - Review Questions Part 2 – Detailed Information and Present Law BUSINESS TAX REFORM A. Tax Rates 1. Reduction in corporate tax rate B. Cost Recovery 1. Increased expensing 2. Modifications to depreciation limitations on luxury automobiles and personal use property 3. Modifications of treatment of certain farm property 4. Applicable recovery period for real property 5. Use of alternative depreciation system for electing farming businesses 6. Expensing of certain costs of replanting citrus plants lost by reason of casualty C. Small Business Reforms 1. Expansion of section 179 expensing 2. Small business accounting method reform and simplification 3. Modification of treatment of S corporation conversions to C corporations D. Reform of Business Related Exclusions, Deductions, etc. 1. Interest 2. Modification of net operating loss deduction 3. Like-kind exchanges of real property 4. Revision of treatment of contributions to capital 5. Repeal of deduction for local lobbying expenses 6. Repeal of deduction for income attributable to domestic production activities 7. Entertainment, etc. expenses 8. Repeal of exclusion, etc., for employee achievement awards 9. Unrelated business taxable income increased by amount of certain fringe benefit expenses for which deduction is disallowed 10. Limitation on deduction for FDIC premiums 11. Repeal of rollover of publicly traded securities gain into specialized small business investment companies 12. Certain self-created property not treated as a capital asset 13. Repeal of special rule for sale or exchange of patents 14. Repeal of technical termination of partnerships 15. Recharacterization of certain gains in the case of partnership profits interests held in connection with performance of investment services 16. Amortization of research and experimental expenditures 17. Certain special rules for taxable year of inclusion 18. Denial of deduction for certain fines, penalties, and other amounts 19. Denial of deduction for settlements subject to nondisclosure agreements paid in connection with sexual harassment or sexual abuse Part 2a - Review Questions 20. Uniform treatment of expenses in contingency fee cases E. Reform of Business Credits 1. Repeal of credit for clinical testing expenses for certain drugs for rare diseases or conditions 2. Repeal of employer-provided child care credit 3. Rehabilitation credit 4. Repeal of work opportunity tax credit 5. Repeal of deduction for certain unused business credits 6. Termination of new markets tax credit 7. Repeal of credit for expenditures to provide access to disabled individuals 8. Modification of credit for portion of employer social security taxes paid with respect to employee tips 9. Employer credit for paid family and medical leave F. Energy Credits 1. Modifications to credit for electricity produced from certain renewable resources 2. Modification of the energy investment tax credit 3. Extension and phaseout of residential energy efficient property credit 4. Repeal of enhanced oil recovery credit 5. Repeal of credit for producing oil and gas from marginal wells 6. Modification of credit for production from advanced nuclear power facilities G. Bond Reforms 1. Termination of private activity bonds 2. Repeal of advance refunding bonds 3. Repeal of tax credit bonds 4. No tax-exempt bonds for professional stadiums H. Insurance 1. Net operating losses of life insurance companies 2. Repeal of small life insurance company deduction 3. Surtax on life insurance company taxable income 4. Adjustment for change in computing reserves 5. Repeal of special rule for distributions to shareholders from pre-1984 policyholders surplus account 6. Modification of proration rules for property and casualty insurance companies 7. Modification of discounting rules for property and casualty insurance companies 8. Repeal of special estimated tax payments 9. Computation of life insurance tax reserves 10. Modification of rules for life insurance proration for purposes of determining the dividends received deduction 11. Capitalization of certain policy acquisition expenses 12. Tax reporting for life settlement transactions, clarification of tax basis of life insurance contracts, and exception to transfer for valuable consideration rules I. Compensation 1. Modification of limitation on excessive employee remuneration 2. Excise tax on excess tax-exempt organization executive compensation Part 2b - Review Questions 3. Treatment of qualified equity grants 4. Increase in excise tax rate for stock compensation of insiders in expatriated corporations J. Other Provisions 1. Treatment of gain or loss of foreign persons from sale or exchange of interests in partnerships engaged in trade or business within the United States 2. Modification of the definition of substantial built-in loss in the case of transfer of partnership interest 3. Charitable contributions and foreign taxes taken into account in determining limitation on allowance of partner’s share of loss 4. Cost basis of specified securities determined without regard to identification 5. Expansion of qualifying beneficiaries of an electing small business trust 6. Charitable contribution deduction for electing small business trusts 7. Production period for beer, wine, and distilled spirits 8. Reduced rate of excise tax on beer 9. Transfer of beer between bonded facilities 10. Reduced rate of excise tax on certain wine 11. Adjustment of alcohol content level for application of excise tax rates 12. Definition of mead and low alcohol by volume wine 13. Reduced rate of excise tax on certain distilled spirits 14. Bulk distilled spirits 15. Modification of tax treatment of Alaska Native Corporations and Settlement Trusts 16. Amounts paid for aircraft management services 17. Opportunity zones 18. Provisions relating to the low-income housing credit Part 2c - Review Questions Glossary |
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