Home
0
Home
Use Landscape to see Search/Filter
Item Types:
Field of Study:
Authors:
CPE Hours:
Keyword:
Course Details

Tax Cuts and Jobs Act - Business Tax Reform - For the 2019 Tax Year (Course Id 1528)

New / QAS / Registry / EA   Add to Cart 
Author : Andrew Clark, EA
Status : Production
CPE Credits : 13.0
IRS Credits : 13
Price : $107.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1528

Description :

The Tax Cuts and Jobs Act of 2018 was a significant change to 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 2019 that will provide a thorough review of the Business Tax Reform portion of the Tax Cuts and Jobs Act Bill (H.R.1.) and it also includes the provisions that have changed for 2019. 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 for 2018 and which were updated for 2019. 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 : 0
Release : 2019
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 : 14-Jun-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 - NASBA Registry - IRS Enrolled Agents - 1528

Keywords : Taxes, Tax, Cuts, Jobs, Act, Business, Tax, Reform, For, 2019, 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

Introduction

Part 1 Ė 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 partnerís 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 Ė 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 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

Glossary

CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
Thank you for taking one of our free courses. Please select ‚ÄúOk‚ÄĚ so that we and the author can let you know about other free courses and special offers. If not please reply "No Thanks". Either way enjoy your free CPE course!
  
Exam completed on .

Do you want to add the course again?