Overview
The Tax Cuts and Jobs Act of 2017 contains provisions that when properly implemented allow the business taxpayer to reduce its tax liability. This program focuses on certain tax strategies that based on the new tax changes allow businesses to reduce their tax liability.
Major Topics:
- Taking maximum advantage of the Section 199A 20% deduction
- Consider whether the reduction in C corporation tax rates merits converting to a C corporation
- Limit the impact of the new loss limitation rules for taxpayers other than C corporations
- Take maximum advantage of the opportunity to deduct research and experimental expenditures
- Avoid the limitation on the deduction of net business interest expense by electing ADS depreciation
- Minimize the limitation of the deduction of expenses for entertainment and certain fringe benefits
- Take advantage of the enhanced ability to use the cash method of accounting
- Take advantage of the enhanced ability to use the completed contract method of accounting
Learning Objectives
- Help advise business owner clients to adopt tax planning strategies that would reduce their tax liability based on changes from the Tax Cuts and Jobs Act of 2017
Designed for:
Tax practitioners who anticipate advising business clients regarding strategies built upon new tax law changes that would reduce their tax liability
Prerequisite:
A basic understanding of the tax rules relating to individual income tax
Advanced Preparation:
None