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| Author : | Andrew Clark, EA |
| Course Length : | Pages: 235 ||| Word Count: 20,4676 ||| Review Questions: 90 ||| Final Exam Questions: 150 |
| CPE Credits : | 30.0 |
| IRS Credits : | 30 |
| Price : | $159.95 |
| 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 2347 |
| 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 all four portions 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 Tax Cuts and Jobs Act for each of the primary sections. It will identify which sections changed for 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 : | 36000 |
| 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 : | 14-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 - 2347 |
| Keywords : | Taxes, 2024, Tax, Code, Updates, Tax, Cuts, Jobs, Act, 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 from Tax Cuts and Jobs Act Provisions Course Learning Objectives Introduction Part 1 - Overview of the Tax Cuts and Jobs Act INDIVIDUAL TAX REFORM Reduction and Simplification of Individual Income Tax Rates Individual income tax Tax Bracket Amounts and Rates for 2023 Tax Bracket Amounts and Rates for 2024 Increase in standard deduction Repeal of the deduction for personal exemptions Alternative inflation adjustment Treatment of Business Income of Individuals, Trusts, and Estates Deduction for qualified business income Simplification and Reform of Family and Individual Tax Credits Enhancement of child tax credit and new family credit Credit for the elderly and permanently disabled Repeal of credit for plug-in electric drive motor vehicles Termination of credit for interest on certain home mortgages Modification of taxpayer identification number requirements for the child tax credit, earned income credit, and American Opportunity credit. Procedures to reduce improper claims of earned income credit Certain income disallowed for purposes of the earned income tax credit Limitation on losses for taxpayers other than corporations Reform of American opportunity tax credit and repeal of lifetime learning credit Consolidation and modification of education savings rules Reforms to discharge of certain student loan indebtedness Repeal of deduction for student loan interest Repeal of deduction for qualified tuition and related expenses Repeal of exclusion for qualified tuition reductions Repeal of exclusion for interest on United States savings bonds used for higher education expenses Repeal of exclusion for educational assistance programs Rollovers between qualified tuition programs and qualified ABLE programs Repeal of overall limitation on itemized deductions Simplification and Reform of Deductions and Exclusions Modification of deduction for home mortgage interest Modification of deduction for taxes not paid or accrued in a trade or business Repeal of deduction for personal casualty and theft losses Limitation on wagering losses Modifications to the deduction for charitable contributions Repeal of Certain Miscellaneous Itemized Deductions Subject to the Two-Percent Floor Repeal of deduction for medical expenses Repeal of deduction for alimony payments and corresponding inclusion in gross income Repeal of deduction for moving expenses Termination of deduction and exclusions for contributions to medical savings accounts Denial of deduction for performing artists and certain officials; Modification of deduction for educator expenses Suspension of exclusion for qualified bicycle commuting reimbursement Limitation on exclusion for employer-provided housing Modification of exclusion of gain on sale of a principal residence Sunset of exclusion for dependent care assistance programs Repeal of exclusion for qualified moving expense reimbursement Repeal of exclusion for adoption assistance programs Simplification and Reform of Savings, Pensions, Retirement Repeal of special rule permitting recharacterization of IRA contributions Reduction in minimum age for allowable in-service distributions Modification of rules governing hardship distributions Modification of Rules Relating to Hardship Withdrawals from Cash or Deferred Arrangements Extended rollover period for the rollover of plan loan offset amounts in certain cases Modification of nondiscrimination rules for certain plans providing benefits or contributions to older, longer service participants Modification of rules applicable to length of service award programs for bona fide public safety volunteers Modifications to Estate, Gift, and Generation-Skipping Transfers Taxes Alternative Minimum Tax Elimination of Shared Responsibility Payment for Individuals Failing to Maintain Minimal Essential Coverage Other Provisions Temporarily allow increased contributions to ABLE accounts, and allow contributions to be eligible for saver’s credit Extension of time limit for contesting IRS levy Treatment of certain individuals performing services in the Sinai Peninsula of Egypt Modifications of user fees requirements for installment agreements Relief for 2016 disaster areas Attorneys’ fees relating to awards to whistleblowers Clarification of whistleblower awards Exclusion from gross income of certain amounts received by wrongly incarcerated individuals Part 1 - Review Questions 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 2 - Review Questions EXEMPT ORGANIZATIONS Unrelated Business Income Tax Clarification of unrelated business income tax treatment of entities exempt from tax under section 501(a) Exclusion of research income from unrelated business taxable income limited to publicly available research Unrelated business taxable income separately computed for each trade or business activity Excise Taxes Simplification of excise tax on private foundation investment income Private operating foundation requirements relating to operation of an art museum Excise tax based on investment income of private colleges and universities Provide an exception to the private foundation excess business holdings rules for philanthropic business holdings Requirements for Organizations Exempt From Tax Section 501(c)(3) organizations permitted to make statements relating to political campaign in ordinary course of activities in carrying out exempt purpose Additional reporting requirements for donor advised fund sponsoring organizations Part 3 - Review Questions INTERNATIONAL TAX PROVISIONS Establishment of Participation Exemption System for Taxation of Foreign Income Deduction for foreign-source portion of dividends received by domestic corporations from specified 10-percent owned foreign corporations Modification of subpart F inclusion for increased investments in United States property Special rules relating to sales or transfers involving specified 10-percent owned foreign corporations Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate Election to increase percentage of domestic taxable income offset by overall domestic loss treated as foreign source Rules Related to Passive and Mobile Income Deduction for foreign-derived intangible income and global intangible low-taxed income Special rules for transfers of intangible property from controlled foreign corporations to United States shareholders Modifications Related to Foreign Tax Credit System Repeal of section 902 indirect foreign tax credits; determination of section 960 credit on current year basis Source of income from sales of inventory determined solely on basis of production activities Separate foreign tax credit limitation basket for foreign branch income Acceleration of election to allocate interest, etc., on a worldwide basis Modification of Subpart F Provisions Repeal of inclusion based on withdrawal of previously excluded subpart F income from qualified investment Repeal of treatment of foreign base company oil related income as subpart F income Inflation adjustment of de minimis exception for foreign base company income Look-thru rule for related controlled foreign corporations made permanent Modification of stock attribution rules for determining CFC status Modification of definition of United States shareholder Elimination of requirement that corporation must be controlled for 30 days before subpart F inclusions apply Current year inclusion of foreign high return amounts or global intangible low-taxed income by United States shareholders Prevention of Base Erosion Base erosion using deductible cross-border payments between affiliated companies Limitations on income shifting through intangible property transfers Certain related party amounts paid or accrued in hybrid transactions or with hybrid entities Shareholders of surrogate foreign corporations not eligible not eligible for reduced rate on dividends Provisions Related to the Possessions of the United States Extension of deduction allowable with respect to income attributable to domestic production activities in Puerto Rico Extension of temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands Extension of American Samoa economic development credit Other International Reforms Restriction on insurance business exception to the passive foreign investment company rules Repeal of fair market value of interest expense apportionment Modification to source rules involving possessions Part 4 - Review Questions Part 2 - Detailed Information and Present Law TITLE I − INDIVIDUAL TAX REFORM A. Reduction and Simplification of Individual Income Tax Rates 1. Increase in standard deduction 2. Repeal of the deduction for personal exemptions 3. Alternative inflation adjustment B. Treatment of Business Income of Individuals, Trusts, and Estates 1. Deduction for qualified business income C. Simplification and Reform of Family and Individual Tax Credits 1. Enhancement of child tax credit and new family credit 2. Credit for the elderly and permanently disabled 3. Repeal of credit for plug-in electric drive motor vehicles 4. Termination of credit for interest on certain home mortgages 7. Certain income disallowed for purposes of the earned income tax credit 8. Limitation on losses for taxpayers other than corporations 9. Reform of American opportunity tax credit and repeal of lifetime learning credit 10. Consolidation and modification of education savings rules 11. Reforms to discharge of certain student loan indebtedness 12. Repeal of deduction for student loan interest 13. Repeal of deduction for qualified tuition and related expenses 14. Repeal of exclusion for qualified tuition reductions 15. Repeal of exclusion for interest on United States savings bonds used for higher education expenses 16. Repeal of exclusion for educational assistance programs 17. Rollovers between qualified tuition programs and qualified ABLE programs 18. Repeal of overall limitation on itemized deductions D. Simplification and Reform of Deductions and Exclusions 1. Modification of deduction for home mortgage interest 2. Modification of deduction for taxes not paid or accrued in a trade or business 3. Repeal of deduction for personal casualty and theft losses 4. Limitation on wagering losses 5. Modifications to the deduction for charitable contributions 6. Repeal of Certain Miscellaneous Itemized Deductions Subject to the Two-Percent Floor 7. Repeal of deduction for medical expenses 8. Repeal of deduction for alimony payments and corresponding inclusion in gross income 9. Repeal of deduction for moving expenses 10. Termination of deduction and exclusions for contributions to medical savings accounts 11. Denial of deduction for performing artists and certain officials; Modification of deduction for educator expenses 12. Suspension of exclusion for qualified bicycle commuting reimbursement 13. Limitation on exclusion for employer-provided housing 14. Modification of exclusion of gain on sale of a principal residence 15. Sunset of exclusion for dependent care assistance programs 16. Repeal of exclusion for qualified moving expense reimbursement 17. Repeal of exclusion for adoption assistance programs E. Simplification and Reform of Savings, Pensions, Retirement 1. Repeal of special rule permitting recharacterization of IRA contributions 2. Reduction in minimum age for allowable in-service distributions 3. Modification of rules governing hardship distributions 4. Modification of rules relating to hardship withdrawals from cash or deferred arrangements 5. Extended rollover period for the rollover of plan loan offset amounts in certain cases 6. Modification of nondiscrimination rules for certain plans providing benefits or contributions to older, longer service participants Part 5a - Review Questions 7. Modification of rules applicable to length of service award programs for bona fide public safety volunteers F. Modifications to Estate, Gift, and Generation-Skipping Transfers Taxes G. Alternative Minimum Tax H. Elimination of Shared Responsibility Payment for Individuals Failing to Maintain Minimal Essential Coverage I. Other Provisions 1. Temporarily allow increased contributions to ABLE accounts, and allow contributions to be eligible for saver’s credit 2. Extension of time limit for contesting IRS levy 3. Treatment of certain individuals performing services in the Sinai Peninsula of Egypt 4. Modifications of user fees requirements for installment agreements 5. Relief for 2016 disaster areas 6. Attorneys’ fees relating to awards to whistleblowers 7. Clarification of whistleblower awards 8. Exclusion from gross income of certain amounts received by wrongly incarcerated individuals Part 5b - Review Questions 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 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 6a - 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 6b - 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 6c Review Questions EXEMPT ORGANIZATIONS A. Unrelated Business Income Tax 1. Clarification of unrelated business income tax treatment of entities exempt from tax under section 501(a) 2. Exclusion of research income from unrelated business taxable income limited to publicly available research 3. Unrelated business taxable income separately computed for each trade or business activity B. Excise Taxes 1. Simplification of excise tax on private foundation investment income 2. Private operating foundation requirements relating to operation of an art museum 3. Excise tax based on investment income of private colleges and universities 4. Provide an exception to the private foundation excess business holdings rules for philanthropic business holdings C. Requirements for Organizations Exempt From Tax 1. Section 501(c)(3) organizations permitted to make statements relating to political campaign in ordinary course of activities in carrying out exempt purpose 2. Additional reporting requirements for donor advised fund sponsoring organizations Part 7 - Review Questions INTERNATIONAL TAX PROVISIONS A. Establishment of Participation Exemption System for Taxation of Foreign Income 1. Deduction for foreign-source portion of dividends received by domestic corporations from specified 10-percent owned foreign corporations 2. Modification of subpart F inclusion for increased investments in United States property 3. Special rules relating to sales or transfers involving specified 10-percent owned foreign corporations 4. Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate 5. Election to increase percentage of domestic taxable income offset by overall domestic loss treated as foreign source B. Rules Related to Passive and Mobile Income 1. Deduction for foreign-derived intangible income and global intangible low-taxed income 2. Special rules for transfers of intangible property from controlled foreign corporations to United States shareholders C. Modifications Related to Foreign Tax Credit System 1. Repeal of section 902 indirect foreign tax credits; determination of section 960 credit on current year basis 2. Source of income from sales of inventory determined solely on basis of production activities 3. Separate foreign tax credit limitation basket for foreign branch income 4. Acceleration of election to allocate interest, etc., on a worldwide basis D. Modification of Subpart F Provisions 1. Repeal of inclusion based on withdrawal of previously excluded subpart F income from qualified investment 2. Repeal of treatment of foreign base company oil related income as subpart F income 3. Inflation adjustment of de minimis exception for foreign base company income 4. Look-thru rule for related controlled foreign corporations made permanent 5. Modification of stock attribution rules for determining CFC status 6. Modification of definition of United States shareholder 7. Elimination of requirement that corporation must be controlled for 30 days before subpart F inclusions apply 8. Current year inclusion of foreign high return amounts or global intangible low-taxed income by United States shareholders Part 8a - Review Questions 9. Limitation on deduction of interest by domestic corporations which are members of an international group E. Prevention of Base Erosion 1. Base erosion using deductible cross-border payments between affiliated companies 2. Limitations on income shifting through intangible property transfers 3. Certain related party amounts paid or accrued in hybrid transactions or with hybrid entities 4. Shareholders of surrogate foreign corporations not eligible not eligible for reduced rate on dividends F. Provisions Related to the Possessions of the United States 1. Extension of deduction allowable with respect to income attributable to domestic production activities in Puerto Rico 2. Extension of temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands 3. Extension of American Samoa economic development credit G. Other International Reforms 1. Restriction on insurance business exception to the passive foreign investment company rules 2. Repeal of fair market value of interest expense apportionment 3. Modification to source rules involving possessions Part 8b - Review Questions Glossary |
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