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Tax Cuts and Jobs Act - Business Tax Reform - For the 2018 Tax Year (Course Id 1422)

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Author : Andrew Clark, EA
Status : Production
CPE Credits : 13.0
IRS Credits : 13
Price : $107.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1422

Description :

The Tax Cuts and Jobs Act will dramatically change the US tax code in 2018. 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 course will provide a thorough review of the Business Tax Reform portion of the Tax Cuts and Jobs Act Bill (H.R.1.). 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 and which remained the same. Each provision will reference a more detailed description of the provision in Part 2 of this course. The detailed description will review the current law, provide a detailed description of the change and identify the effective date that the provision will become effective.

Usage Rank : 0
Release : 2018
Version : 1.0
Prerequisites : Basic understanding of federal tax code.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 18-Oct-2019
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 - Technical - NASBA Registry - IRS Enrolled Agents - 1422

Keywords : Taxes, Tax, Cuts, Jobs, Act, Business, Tax, Reform, For, 2018, Tax, Year, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

At the end of this course, students will be able to:
  • Review the Business Tax Reform provisions and identify the provisions that have been changed and the provisions that were not changed with the Tax Cuts and Jobs Act;
  • Identify the new modified corporate tax rates for tax years beginning after December 31, 2017;
  • Recognize the new charitable contribution rules that apply to corporations;
  • Identify where to find more information about each provision in part 2 of this course; and
  • Identify the effective date for all provisions in the Tax Cuts and Jobs Act.
Course Contents :

Chapter 1 - Tax Cuts and Jobs Act - Business Tax Reform

Course Learning Objectives

Part 1 - Overview of the Business Tax Portion of the Tax Cuts and Jobs Act


Tax Rates

Cost Recovery

Small Business Reforms

Expansion of section 179 expensing

Reform of Business Related Exclusions, Deductions, etc.


Reform of Business Credits

Energy Credits

Bond Reforms

Termination of private activity bonds


Net operating losses of life insurance companies


Modification of limitation on excessive employee remuneration

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

Part 1 - Review Questions

Part 2 - Detailed Information and Present Law


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

Part 2a - Review Questions

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

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

Part 2b - Review Questions

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

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 partnerís 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


CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
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