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Tax Cuts and Jobs Act - Quick Review of the Complete Bill (H.R.1) - For the 2018 Tax Year (Course Id 1419)

QAS / Registry / EA   Add to Cart 
Author : Andrew Clark, EA
Status : Production
CPE Credits : 3.0
IRS Credits : 3
Price : $26.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1419

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 entire Tax Cuts and Jobs Act Bill (H.R.1.). This course will provide a summary description of all provisions referenced in the Tax Cuts and Jobs Act. This description will identify the provisions that were changed for individual tax reform, business tax reform, 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 : 12-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 - 1419

Keywords : Taxes, Tax, Cuts, Jobs, Act, Quick, Review, Complete, Bill, H.R.1, 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 Individual Tax Reform provisions and identify the provisions that have been changed with the Tax Cuts and Jobs Act;
  • Review the Business Tax Reform provisions and identify the provisions that have been changed with the Tax Cuts and Jobs Act;
  • Review the Exempt Organizations provisions and identify the provisions that have been changed with the Tax Cuts and Jobs Act;
  • Review the International Tax provisions and identify the provisions that have been changed with the Tax Cuts and Jobs Act.
  • Identify the effective date for all individual tax provisions in the Tax Cuts and Jobs Act.
Course Contents :

Part 1 - Overview of the Tax Cuts and Jobs Act


Reduction and Simplification of Individual Income Tax Rates

Individual income tax

Increase in standard deduction

Repeal of the deduction

Alternative inflation adjustment

Treatment of Business Income of Individuals, Trusts, and Estates

Deduction for qualified business income

Simplification and Reform of Family and Individual Tax Credits

Enhancement of child tax credit and new family credit

Credit for the elderly and permanently disabled

Repeal of credit for plug-in electric drive motor vehicles

Termination of credit for interest on certain home mortgages

Modification of taxpayer identification number requirements for the child tax credit, earned income credit, and American Opportunity credit.

Procedures to reduce improper claims of earned income credit

Certain income disallowed for purposes of the earned income tax credit

Limitation on losses for taxpayers other than corporations

Reform of American opportunity tax credit and repeal of lifetime learning credit

Consolidation and modification of education savings rules

Reforms to discharge of certain student loan indebtedness

Repeal of deduction

Repeal of deduction

Repeal of exclusion

Repeal of exclusion

Repeal of exclusion

Rollovers between qualified tuition programs and qualified ABLE programs

Repeal of overall limitation on itemized deductions

Simplification and Reform of Deductions and Exclusions

Modification of deduction

Modification of deduction

Repeal of deduction

Limitation on wagering losses

Modifications to the deduction

Repeal of Certain Miscellaneous Itemized Deductions Subject to the Two-Percent Floor

Repeal of deduction

Repeal of deduction

Repeal of deduction

Termination of deduction

Denial of deduction

Suspension of exclusion

Limitation on exclusion

Modification of exclusion

Sunset of exclusion

Repeal of exclusion

Repeal of exclusion

Simplification and Reform of Savings, Pensions, Retirement

Repeal of special rule permitting recharacterization of IRA contributions

Reduction in minimum age for allowable in-service distributions

Modification of rules governing hardship distributions

Modification of rules relating to hardship withdrawals from cash or deferred arrangements

Extended rollover

Modification of nondiscrimination rules for certain plans providing benefits or contributions to older, longer service participants

Modification of rules applicable to length of service award programs for bona fide public safety volunteers

Modifications to Estate, Gift, and Generation-Skipping Transfers Taxes

Alternative Minimum Tax

Elimination of Shared Responsibility Payment for Individuals Failing to Maintain Minimal Essential Coverage

Other Provisions

Temporarily allow increased contributions to ABLE accounts, and allow contributions to be eligible for saver’s credit

Extension of time limit for contesting IRS levy

Treatment of certain individuals performing services in the Sinai Peninsula of Egypt

Modifications of user fees requirements for installment agreements

Relief for 2016 disaster areas

Attorneys’ fees relating to awards to whistleblowers

Clarification of whistleblower awards

Exclusion from gross income of certain amounts received by wrongly incarcerated individuals


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 (sec. 3204 of the House bill, sec. 13543 of the Senate amendment, and secs. 481 and 1371 of the Code)

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

Repeal of deduction

Entertainment, etc. expenses

Repeal of exclusion

Unrelated business taxable income

Limitation on deduction

Repeal of rollover

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



Certain special rules for taxable year of inclusion

Denial of deduction

Denial of deduction

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

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


Termination of private activity bonds

Repeal of advance refunding bonds

Repeal of tax credit bonds

No tax-exempt bonds


Net operating losses

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

Modification of discounting rules

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

Capitalization of certain policy

Tax reporting for life settlement transactions, clarification of tax basis


Modification of limitation on excessive employee remuneration

Excise tax

Treatment of qualified equity grants

Increase in excise tax

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

Charitable contributions and foreign taxes taken into account in determining limitation on allowance of partner’s share of loss

Cost basis

Expansion of qualifying beneficiaries of an electing small business trust

Charitable contribution deduction

Production period for beer, wine, and distilled spirits

Reduced rate of excise tax

Transfer of beer between bonded facilities

Reduced rate of excise tax

Adjustment of alcohol content level for application of excise tax

Definition of mead and low alcohol by volume wine

Reduced rate of excise tax

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


Unrelated Business Income Tax

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

Exclusion of research

Unrelated business taxable income

Excise Taxes

Simplification of excise tax

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 for donor advised fund sponsoring organizations


Establishment of Participation Exemption System for Taxation of Foreign Income

Deduction for foreign-source portion of dividends received by domestic corporations from specified 10-percent owned foreign corporations

Modification of subpart F

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

Treatment of deferred foreign income upon transition to participation exemption system of taxation and deemed repatriation at two-tier rate

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 to United States shareholders

Modifications Related to Foreign Tax Credit System

Repeal of section 902 indirect foreign tax credits; determination of section 960

Source of income from sales of inventory determined solely on basis

Separate foreign tax credit limitation basket for foreign branch income

Acceleration of election to allocate interest, etc., on a worldwide basis

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 made permanent

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 or with hybrid entities

Shareholders of surrogate foreign corporations not eligible not eligible for reduced rate on dividends

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 rules

Repeal of fair market value of interest expense apportionment

Modification to source rules involving possessions


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