Author : | Paul Winn, CLU, ChFC |
Course Length : | Pages: 53 ||| Word Count: 20,194 ||| Review Questions: 17 ||| Final Exam Questions: 18 |
CPE Credits : | 3.5 |
IRS Credits : | 3 |
Price : | $31.45 |
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 2241 |
Description : | The Tax Cuts and Jobs Act of 2017 (TCJA), signed into law during the closing days of 2017, significantly affects tax planning and the income tax liability for many taxpayers. This course will examine the principal changes affecting individual taxpayers made by the TCJA and the current limits applicable to them. It examines the provisions of the TCJA with increased potential to affect the taxation of individuals related to changes in:
In addition, it will consider the business-related TCJA provisions affecting individual taxpayers, including the pass-through deduction for qualified trades or businesses under IRC §199A. Please Note: This course covers tax issues applicable to 2023 income reported in the 2024 tax season. |
Usage Rank : | 13333 |
Release : | 2024 |
Version : | 1.0 |
Prerequisites : | None. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
IRS provides tax inflation adjustments for tax year 2024
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Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 11-Mar-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 - 2241 |
Keywords : | Taxes, Tax, Cuts, Jobs, Act, Individual, Tax, Preparation, For, 2024, Tax, Year, cpe, cpa, online course |
Learning Objectives : |
Course Learning Objectives Upon completion of this course, you should be able to:
Chapter 1
Chapter 2
Chapter 3
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Course Contents : | Course Learning Objectives Introduction to the Course Chapter 1 - TCJA Provisions Affecting Tax Preparation Chapter Learning Objectives Introduction New Individual and Capital Gains Tax Rates Standard Deduction Increased and Filing Requirements Changed Standard Deduction for Dependents Standard Deduction for Blind and Senior Taxpayers Standard Deduction Eligibility Federal Income Tax Return Filing Requirements Personal Exemption Temporarily Reduced to Zero Alimony Moving Expense Deduction & Reimbursement Moving Expenses in Military Relocations Itemized Deductions Schedule A Medical Expense AGI Threshold State and Local Tax Deductions Home Mortgage Interest Deduction Exception for Binding Contracts Indebtedness Refinancing Charitable Contributions 60% AGI Limit for Cash Contributions Deduction for Athletic Tickets Exception to Contemporaneous Written Acknowledgement Content and Timing of Contemporaneous Written Acknowledgement Partial Above-the-Line Deduction for Charitable Contributions Casualty and Theft Loss Deduction Miscellaneous Itemized Deductions Subject to 2% of AGI Threshold Itemized Deductions Phase-Out Amounts Enhanced Child Tax Credit Increase in Tax Credit Amount to $2,000 Child Tax Credit Phaseout and Refundable/Nonrefundable Amounts Social Security Number Requirement Partial Child Tax Credit Alternative Minimum Tax (AMT) Alternative Minimum Tax Exemption Amount Increased Summary Chapter Review Chapter 2 - TCJA Provisions Affecting Individuals Chapter 2 Learning Objectives Introduction Kiddie Tax Modifications Section 529 (Qualified Savings Plan) Changes SECURE Act 2.0 Permits Transfer of Limited §529 Funds to Roth IRAs ABLE Account Changes Tax-Deferred Account ABLE Account Distributions ABLE Account Contributions TCJA Changes to ABLE Accounts Additional Designated Beneficiary Contributions Permitted Saver’s Credit Discharge of Student Loan Indebtedness Affordable Care Act (ACA) Provisions Individual Requirement to Maintain Health Coverage Penalty for Failure to Maintain Individual Health Coverage Exemptions from Penalty for Failure to Maintain Health Coverage Individual Mandate Penalty – 2019 and Later Roth Recharacterization Changes in Employee Fringe Benefits Real Property Depreciation Estate and Gift Tax Exclusion Summary Chapter Review Chapter 3 - Business-Related TCJA Provisions Affecting Individual Taxes Chapter Learning Objectives Introduction Nature of the 20% Deduction for Qualified Business Income Deduction Eligibility Pass-Through Deduction for Qualified Trade or Business Pass-Through Deduction for Owners with Taxable Income Exceeding Threshold Taxable Income Threshold QBI Component Calculation Pass-Through Business Qualified Trade or Business Exception for Specified Service Trade or Business Based on Taxpayer’s Income Qualified Business Income Exceptions to Qualified Business Income Combined Qualified Business Income Qualified REIT Dividend Qualified Publicly Traded Partnership Income Qualified Property Depreciable Period W-2 Wage Limitation Determining W-2 Wages Unmodified Box Method Modified Box 1 Method Tracking Wages Method Computing the QBI Deduction Threshold Amount Schedule C Provisions Entertainment Expenses Food and Beverage Expenses Temporary Increase in Business Meal Deductibility Section 179 Expense Limits Bonus Depreciation Qualified Property Luxury Auto Limits Listed Property Updates Net Operating Loss Changes TCJA NOL Changes Amended by CARES Act Summary Chapter Review Glossary |