Overview
The most comprehensive tax reform since the mid-1980s has been ushered in under The Tax Cuts & Jobs Act. New tax brackets take effect in 2018. The standard deduction will see increased utilization, and the personal exemption is gone -- just as kaput as the long-outlawed practice of deducting credit card interest. These are just a few of the changes that will affect your clients this coming season, and they will look to you to understand the issues and develop a plan that serves their best interests. In this course, tax advisors will be fully updated on the most important aspects of tax reform as well as major trends on the horizon with a view toward planning. Individual, partnership and corporate taxation, as altered by tax reform, will be included.
Important Note: Surgent does not recommend taking both this course and our Best Individual Tax Update (BITU) course due to overlapping content.
Major Topics:
- New loss limitation rules applicable to NOLs and the ability to offset income
- Reformed child tax credit
- Revised home mortgage interest deduction
- Treatment of state and local taxes
- Repeal of itemized deductions previously subject to 2% AGI floor
- Survival of individual AMT with increased exemptions
- Reduction to 7.5% floor for medical itemized deductions in 2017 and 2018 only
- IRA recharacterization limits
- Monumental changes to the treatment of alimony for both payor and payee
- Section 1031 like-kind exchanges
- Carried interest
- New deferral possibility for stock options
- Reduction in the corporate tax rate
- Corporate AMT repeal
- New bonus depreciation rules and expansion of sec 179
- Expansion of number of taxpayers able to use the cash method of accounting
- 30% business interest limitation
- New rules on entertainment expenses, including meals
- New business credit for wages paid due to family and medical leave
- Doubling of estate and gift tax exemption to $22.36M for a married couple
- Comprehensive coverage of the emerging flagship item of tax reform, sec 199A and its alteration of pass-through taxation and planning
- Relevant state domicile issues which are quickly becoming a new source of practitioner profit
- Review of pertinent cases and rulings affecting taxpayers
- Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more
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The latest issues related to any other late-breaking tax law changes
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The Best Federal Tax Update Course by Surgent (BFTU)
Learning Objectives
- Understand the latest pending and enacted tax law changes
- Understand strategies and techniques to use in light of tax changes
- Understand current cases and rulings affecting individuals and businesses
Designed for:
CPAs who need to know the latest tax law changes in all areas of practice
Prerequisite:
Experience with individual and business clients
Advanced Preparation:
None