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Tax Cuts and Jobs Act - Quick Review of the Complete Bill (H.R.1) - For the 2019 Tax Year (Course Id 1541)

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Author : Andrew Clark, EA
Status : Production
CPE Credits : 3.0
IRS Credits : 3
Price : $26.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1541

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 all four portions 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 all provisions 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 : 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 : 29-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 - 1541

Keywords : Taxes, Tax, Cuts, Jobs, Act, Quick, Review, Complete, Bill, H.R.1, 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 Individual Tax Reform provisions and identify which sections changed for 2018 and which were updated for 2019;
  • Review the Business Tax Reform provisions and identify which sections changed for 2018 and which were updated for 2019;
  • Review the Exempt Organizations provisions and identify which sections changed for 2018 and which were updated for 2019;
  • Review the International Tax provisions and identify which sections changed for 2018 and which were updated for 2019; and
  • Identify the effective dates for all provisions in the Tax Cuts and Jobs Act.
Course Contents :

Part 1 - Overview of the Tax Cuts and Jobs Act

Course Learning Objectives

Introduction

INDIVIDUAL TAX REFORM

Reduction and Simplification of Individual Income Tax Rates

Individual income tax

Increase in standard deduction

Repeal of the deduction for personal exemptions

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 for student loan interest

Repeal of deduction for qualified tuition and related expenses

Repeal of exclusion for qualified tuition reductions

Repeal of exclusion for interest on United States savings bonds used for higher education expenses

Repeal of exclusion for educational assistance programs

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 for home mortgage interest

Modification of deduction for taxes not paid or accrued in a trade or business

Repeal of deduction for personal casualty and theft losses

Limitation on wagering losses

Modifications to the deduction for charitable contributions

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

Repeal of deduction for medical expenses

Repeal of deduction for alimony payments and corresponding inclusion in gross income

Repeal of deduction for moving expenses

Termination of deduction and exclusions for contributions to medical savings accounts

Denial of deduction for performing artists and certain officials; Modification of deduction for educator expenses

Suspension of exclusion for qualified bicycle commuting reimbursement

Limitation on exclusion for employer-provided housing

Modification of exclusion of gain on sale of a principal residence

Sunset of exclusion for dependent care assistance programs

Repeal of exclusion for qualified moving expense reimbursement

Repeal of exclusion for adoption assistance programs

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 period for the rollover of plan loan offset amounts in certain cases

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 saverís 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

Attorneysí fees relating to awards to whistleblowers

Clarification of whistleblower awards

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

Review Questions

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

Review Questions

EXEMPT ORGANIZATIONS

Unrelated Business Income Tax

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

Exclusion of research income from unrelated business taxable income limited to publicly available research

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 requirements relating to operation of an art museum

Excise tax based on investment income of private colleges and universities

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

INTERNATIONAL TAX PROVISIONS

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 inclusion for increased investments in United States property

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 credit on current year basis

Source of income from sales of inventory determined solely on basis of production activities

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 Provisions

Repeal of inclusion based on withdrawal of previously excluded subpart F income from qualified investment

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

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 inclusions apply

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 allowable with respect to income attributable to domestic production activities in Puerto Rico

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

Review Questions

Glossary

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