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Course Details

Tax Cuts and Jobs Act - Quick Review of Exempt Organizations and International Tax Provisions - For the 2018 Tax Year (Course Id 1418)

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Author : Andrew Clark, EA
Status : Production
CPE Credits : 1.0
IRS Credits : 1
Price : $14.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1418

Description :

The Tax Cuts and Jobs Act will dramatically change the US tax code in 2018. This course will provide a quick review of the Exempt Organizations and International Tax Provisions portions of the Tax Cuts and Jobs Act Bill (H.R.1.). This course will provide a summary description of both the Exempt Organizations and International Tax Provisions sections referenced in the Tax Cuts and Jobs Act and will identify the provisions that were changed for exempt organizations and international tax provisions.

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 : 11-Oct-2018
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 - 1418

Keywords : Taxes, Tax, Cuts, Jobs, Act, Quick, Review, Exempt, Organizations, International, Tax, Provisions, 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 Exempt Organizations provisions and identify the provisions that have been changed and the provisions that were not changed with the Tax Cuts and Jobs Act;
  • Review the International Tax 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 effective date for all provisions in the Tax Cuts and Jobs Act.
Course Contents :

Chapter 1 - Overview of Exempt organizations and International Tax Provisions portions of the Tax Cuts and Jobs Act

EXEMPT ORGANIZATIONS

Unrelated Business Income

Clarification of unrelated business income tax treatment of entities exempt from tax under section 501(a)

Exclusion of research income

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

Excise tax

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

INTERNATIONAL TAX PROVISIONS

Establishment of Participation Exemption System for Taxation of Foreign Income

Deduction for foreign-source portion of dividends received by domestic corporations

Modification of subpart F

Special rules relating to sales or transfers involving specified 10-percent owned foreign corporations

Treatment of deferred foreign income

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

Modifications Related to Foreign Tax Credit

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

Separate foreign tax credit

Acceleration of election to allocate interest

Modification of Subpart F

Repeal of inclusion based on withdrawal of previously excluded subpart F

Repeal of treatment of foreign base company oil related income as subpart F

Inflation adjustment of de minimis exception for foreign base company income

Look-thru rule for related controlled foreign corporations

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

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

Shareholders of surrogate foreign corporations

Provisions Related to the Possessions of the United States

Extension of deduction

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

Repeal of fair market value of interest

Modification to source rules involving possessions

Chapter 1 Review Questions

Glossary

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