On December 22, 2017 President Trump signed into law the Tax Cuts and Jobs Act (TCJA).  The major overhaul of our tax system will lower income tax rates for individual and corporate taxpayers and introduce a new 20% deduction for qualified business income for sole proprietors and pass-through entities (starting in 2018). The cornerstone of this course is the comprehensive discussion of the newly enacted income tax provisions affecting individuals and businesses.    

This session will extensively cover the newly enacted income tax provisions of the TCJA affecting individuals and businesses (i.e., sole proprietors, C & S Corporations and partnerships/LLC) laws.  Each participant will receive the most up-to-date comprehensive reference manual on this subject.  Topics include but are not limited to:

 

  • 20% deduction for qualified business income for sole proprietors and pass-through entities (New IRC §199A)
  • Individuals - reduction to the income tax rates and modifications to the AMT and kiddie tax calculations
  • C corporations - reduction to the income tax rates, AMT repeal and modifications to the dividend received deduction
  • Partnerships -  technical termination rule repeal and §743 substantial built-in-loss changes
  • S Corporations - new distribution ordering rules for eligible terminated S corporations
  • New excess business loss limitations
  • Modifications to the NOL rules
  • Changes and increases to both the §179 expense and bonus deprecation and other depreciation changes for farmers
  • Modifications to fringe benefits including the elimination of entertainment expenses
  • Elimination of like-kind exchanges for personal property
  • Modifications to the individual standard deduction, itemized deductions and personal exemptions
  • Reduction of the individual mandate tax (i.e., shared responsibility payment) to zero
  • New business interest expense limitations
  • Repeal of the domestic production activities deduction (§199)
  • Expansion of the cash method of accounting and exemption from percentage of completion method
  • New general business credit for family and medical leave
Session Information
Session Date:
February 09, 2018
Session Objectives
  • Once participants have completed this session they should be able to explain the newly enacted individual and business income tax provisions of the TCJA to their clients, colleagues and employees.
Pat Garverick's Tax Cuts and Jobs Act of 2017 _Part 1
Pat Garverick's Tax Cuts and Jobs Act of 2017_Part 2
Pat Garverick's Tax Cuts and Jobs Act of 2017_Part 3
Pat Garverick's Tax Cuts and Jobs Act of 2017_Part 4
Individual topic purchase: Selected
Georgia Society of CPAs
General: 8.00
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