Overview
The Tax Cuts and Jobs Act of 2017 contains provisions that, when properly implemented, allow businesses to reduce their tax liability. This program focuses on certain tax strategies that are based on the 2017 tax changes and subsequent IRS regulations and notices that allow businesses to reduce their tax liability.
Major Topics:
- Taking maximum advantage of the §199A 20% deduction
- Whether the reduction in C corporation tax rates merits converting to a C corporation
- Limiting the impact of the §461(l) loss limitation rules for taxpayers other than C corporations
- Avoiding or limiting the limitation on the deduction of net business interest expense
- Minimizing the limitation of the deduction of expenses for entertainment and certain fringe benefits
- Taking advantage of more tax-efficient tax accounting methods
Learning Objectives
- 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 and recent IRS pronouncements
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