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Course Details

Tax Cuts and Jobs Act - Business Tax Reform - Quick Review - For the 2019 Tax Year (Course Id 1534)

QAS / Registry / EA
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Author : Andrew Clark, EA
Course Length : Pages: 13 ||| Review Questions: 3 ||| Final Exam Questions: 5
CPE Credits : 1.0
IRS Credits : 1
Price : $14.95
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 1534

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 quick review of the Business Tax Reform section of the Tax Cuts and Jobs Act Bill (H.R.1.) and it also includes the provisions that have changed for 2019. This course will provide a summary description of the Business Tax Reforms 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 2019.

Usage Rank : 10000
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 : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 17-Dec-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 - NASBA Registry - IRS Enrolled Agents - 1534

Keywords : Taxes, Tax, Cuts, Jobs, Act, Business, Tax, Reform, Quick, Review, 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 which sections changed for 2018 and which were updated for 2019;
  • 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 the effective date for all provisions in the Tax Cuts and Jobs Act.
Course Contents :

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

Course Learning Objectives



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.


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


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


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

Review Questions


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