Author : | Danny C Santucci, JD |
Course Length : | Pages: 49 ||| Review Questions: 20 ||| Final Exam Questions: 20 |
CPE Credits : | 4.0 |
IRS Credits : | 4 |
Price : | $35.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents |
Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 1320 |
Description : |
The Tax Cuts & Jobs Act ("TCJA") was approved by Congress December 20, 2017, and signed by President Trump on December 22, 2017. The Act impacts virtually every individual and business in a way not seen in over 30 years. With most provisions effective 2018, it lowers the individual and corporate tax rates, repeals numerous tax credits and deductions, enhances the child tax credit, boosts business expensing, and impacts the Affordable Care Act (ACA) by effectively repealing the individual mandate. |
Usage Rank : | 0 |
Release : | 2018 |
Version : | 1.0 |
Prerequisites : | General understanding of federal income taxation. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
Analysis of the 2017 Tax Cuts and Jobs Act
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Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 30-May-2021 |
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 - 1320 |
Keywords : | Taxes, Tax, Cuts, Jobs, Act, Summary, For, 2018, Tax, Year, cpe, cpa, online course |
Learning Objectives : |
As a result of studying the assigned materials of this 2018 Tax Cuts and Job Acts Summary CPE course, you should be able to meet the objectives listed below. ASSIGNMENT
* Individual & business tax credits, deductions & exclusions * Education incentives * Saving, pensions, and retirement * Corporate & small business taxation * Insurance provisions * Compensation restrictions * International provisions * Exempt organization taxation
b. AMT exemptions, c. changes to the child tax credit, d. new educational incentives & student loan discharge rules, e. Mortgage interest & suspended deduction provisions, and f. Alimony & estate taxation changes. 3. Recognize TCJA changes to:
b. tax treatment of excess of compensation, c. deferred foreign income provisions, and d. exempt organization and international taxation. |
Course Contents : | Chapter 1 - Tax Cuts and Jobs Act Summary Tax Cuts and Jobs Act of 2017 Rates, Standard Deduction, Exemptions & Credits Individual Income Tax Rates - 7 Brackets but, Lower Rates Unearned Income of Children - Simplified Taxation Capital Gain & Qualified Dividend Rate Standard Deduction Increased Personal Exemptions Repealed Alternative Minimum Tax Exemption Increased New Inflation Adjustment Business Income of Individuals - 20% Deduction Child Tax Credit (Enhanced) & Family Tax Credit (New) Limitation on Non-corporate Losses Education Incentives Education Savings Rules Modified Discharge Of Student Loan Indebtedness Expanded Rollovers Between §529 Tuition & ABLE Programs ABLE Account Contributions Modified Deductions Overall Limitation On Itemized Deductions Repealed Mortgage Interest Limited State & Local Taxes (SALT) Limited Personal Casualty Losses Repealed Wagering Losses Limited Charitable Contributions Modified AGI Percentage for Cash Contributions Increased College Athletic Event Seating Rights Repealed Substantiation Exception for Donee Reported Contributions Repealed Itemized Deductions Subject to 2% Floor Fully Denied Medical Expense Deduction Temporarily Returned to 7.5% Alimony Payment Deduction Repealed Deduction For Moving Expenses Repealed Exclusions Bicycle Commuting Reimbursement Suspended Employee Achievement Awards Exclusion Modified Moving Expense Reimbursement Exclusion Repealed Savings, Pensions, and Retirement Special Roth IRA Recharacterization Repealed Rollover Period For Plan Loan Offset Amounts Extended Public Safety Volunteer Service Award Programs Modified Estate and Generation-skipping Transfer Taxes ACA Individual Mandate Repealed Business Taxation Corporate Tax Rate Reduced to 21% Additional First Year (Bonus) Depreciation Increased Luxury Automobiles Depreciation Increased Recovery Period Of Certain Farm Property Shortened Qualified Leasehold & Improvement Property Combined 10 Year ADS for Electing Farming Businesses Expensing Under §179 Increased Small Business Accounting Methods Expanded S to C Corporate Conversion Rules Modified Beneficiaries Of An Electing Small Business Trust Charitable Deduction for Electing Small Business Trust Business Interest Limited Net Operating Loss Deduction Modified Like-kind Exchanges Limited to Real Property Business Capitalization Clarified Local Lobbying Expenses Deduction Exception Repealed Deduction For Domestic Production Activities Repealed Entertainment Activities Or Facilities Deduction Repealed UBTI Increased by Taxable Fringe Benefits FDIC Premium Deduction Limited Securities Rollover Into SSBICs Repealed Self-Created Property Not Capital Asset Technical Termination Of Partnerships Repealed Increased Holding on Certain Received Profit Interests Built-In Loss Definition On Transfer Of Partnership Interest Limitation On Allowance Of Partner’s Share Of Loss 5 Year Amortization of Research & Experimental Expenditures Rules for Taxable Year of Inclusion Expanded Denial of Deduction for Certain Fines Expanded Denial of Deduction for Sexual Harassment Settlements Drug Credit For Rare Diseases Reduced Rehabilitation Credit Modified New Credit for Paid Family & Medical Leave Bonds Advance Refunding Bonds Repealed Tax Credit Bonds Repealed Insurance Net Operating Losses Of Life Insurance Companies Changed Small Life Insurance Company Deduction Repealed Computation Of Life Insurance Tax Reserves Adjustment For Change In Computing Reserves Changed Proration of Dividends Received Deduction Modified Special Distribution Rule for Pre-1984 Accounts Repealed Proration For Property & Casualty Companies Modified Discounting For Property & Casualty Companies Modified Special Estimated Tax Payments Repealed Capitalization Of Certain Policy Acquisition Expenses Modified Tax Reporting For Life Settlement Transactions New Reporting Compensation Excessive Employee Remuneration Limitation Modified Tax-Exempt Organization Executive Compensation Tax Qualified Equity Grants Taxation Excise Tax On Expatriated Corporate Stock Compensation Selected International Provisions Foreign-Source Dividends Deduction Transfers with Specified 10% Owned Foreign Corporations Deemed Repatriation of Deferred Foreign Income Domestic Taxable Income Offset Election Foreign-Derived Intangible Income Deduction Indirect Foreign Tax Credits Repealed Source Of Income From Sales Of Inventory Modified Passive Foreign Investment Insurance Exception Fair Market Value Of Interest Expense Apportionment Foreign Person Sale of U.S. Partnership Interest Exempt Organizations Unrelated Business Income Tax (“UBIT”) UBIT Separately Computed Excise Taxes Private College And University Investment Income Glossary |