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NN1. Understanding the Opportunities and Challenges Of The Tax Cuts And Jobs Act | On-Demand

Course Price: $199.00
CPE Credits
5
Advanced Preparation
None
Course Level
Intermediate
Prerequisite
None
IRS CPE
5
NASBA CPE
5
CTEC CPE
Credits not offered
Author
Paul La Monaca CPA, MST
Course Description

This course introduces the Tax Professional to the details of the 2017 Tax Legislation which is the most sweeping reform of the Internal Revenue Code in over 3 decades. The Legislation impacts every individual taxpayer and entity and discovers that there are winners and losers who need to revamp their tax planning strategies for minimizing their federal tax liabilities. Individuals will have some changes imposed on them which are temporary which will sunset after 2025. Businesses will need to determine if their choice of entity for operating their business is still good for their tax situations.

Individual Provisions:

  • §1 Tax Rates and Bracket Changes
  • §24 Child Tax Credit Issues
  • §32 EITC Issues and Qualifying Children
  • §55 AMT for Individuals
  • §61 Inclusion of Gross Income
  • §63 Standard Deductions
  • §68 Phase-Out of the Overall Itemized Deduction Amounts
  • §71 Alimony Income
  • §108 Cancellation of Debt Issues and Allowable Exclusions
  • §151 Personal and Dependency Exemptions
  • §163 Mortgage Interest Deduction on a Qualified Residence
  • §164 State and Local Tax Issues (SALT)
  • §165 Casualty and Theft Losses
  • §167 Miscellaneous Itemized Deductions Subjected to 2% AGI
  • §199A Qualified Business Income Deduction
  • §212 Tax Return Preparation
  • §213 Medical Deductions 7 1/2 AGI Test
  • §215 Alimony Deduction vs. Child Support
  • §280F Auto Allowance Limitation Issues
  • §1221 Capital vs. Ordinary Losses Dealing with Property Sales
  • §6662 Substantial Understatement Penalty for Underreporting the Proper Tax Liability for §199A Purposes

For businesses, the legislation makes changes pertaining to:

  • §11 Corporate Tax Rates
  • §55 Repeal of Corporate AMT
  • §61 Inclusion of Gross Income
  • §108 Cancellation of Debt Issues and Allowable Exclusions
  • §132 Employer Moving Expense Reimbursement
  • §162 Ordinary and Necessary Business Expenses and Substantiation Responsibilities
  • §166 Bad Debt Deductions and Issue of Wholly Worthlessness
  • §168(k) 100% Bonus Depreciation of Qualified
  • §172 Net Operation Loss Deduction Issues
  • §179 Expense Election Deduction
  • §183 Activities-not-for Profit and Hobby Loss Transactions
  • §199 Repeal of Domestic Income Production
  • §199A Qualified Business Income Deduction
  • §274 Disallowance of Entertainment Expenses
  • §274 Listed Property Rules
  • §274 Allowance of Meals for the Convenience of the Employer
  • §280F Auto Allowance Limitation Issues
  • §1031 Like-kind Exchange on Real Estate
  • Much, much, more
Learning Objectives

At the completion of this course participants will be able to see and understand the changes and impact of the Legislation as it effects each client. It will allow participants to be better equipped to assist clients in planning and reporting transactions.

FAQ

To receive the member price, first log into your member account. Your member discount will then be automatically applied. We can also take your registration by phone.

Your registration confirmation will be emailed to you when your payment is processed. During our busy season, this can take up to 2-3 business days after we receive your registration.

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Yes. If you have a PTIN on file with us, we will submit your hours. To insure we have your correct info, please provide your PTIN when you register for a course. Please notify us if you have recently submitted a name change request to the IRS.

Your certificate will be emailed to you within 10 business days of the completion of the course.

Administration: On-Demand
On-Demand Refunds
  • Once your registration confirmation is emailed, due to the proprietary materials and content of On-Demand orders are NOT ELIGIBLE for refund, cancellation, or transfer to another NSTP course.
On-Demand Disclaimer
  • On-Demand materials and On-Demand presentations are intended to stimulate thought and discussion and to provide attendees useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any tax procedure, tax planning technique, device or suggestion, or any of the tax consequences associated with them.
  • Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual’s reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials, and during the seminar presentation, before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any device, technique, or suggestion before recommending the same to a client or implementing the same on behalf of a client, or on the attendee’s own behalf.
  • On-Demand materials & presentations are fully protected under copyright law. Any attempt to copy for resale, distribution, or use other than personal use for tax preparation will be fully prosecuted of the law.
Testing Policy
  • On-Demand require a test for CPE. 3 attempts are allowed.
  • You have 1 (one) year from date of purchase to complete the On-Demand course by taking the test.
More Information For more information regarding refund, cancellation, and complaint policies, please contact our offices at 1(800) 367-8130.