Tax Cuts & Jobs Act: Individual Tax Preparation ON DEMAND

Overview

The Tax Cuts and Jobs Act of 2017 (TCJA), signed into law during the closing days of 2017, significantly affects tax planning and the income tax liability for many taxpayers. This course will examine the principal changes affecting individual taxpayers made by the TCJA.

It examines the provisions of the TCJA with increased potential to affect the taxation of individuals and which are related to changes in:

Individual and capital gains tax rates;

Standard deduction and exclusions;

Income and adjustments to income;

Itemized deductions in Form 1040 Schedule A;

Form 1040 Schedule C;

Tax credits;

Individual alternative minimum tax (AMT);

Taxation of unearned income of minor children;

Qualified tuition plans;

ABLE accounts;

Tax treatment of student loan indebtedness discharges;

Net operating losses; and

Affordable Care Act individual responsibility requirement.

In addition, it will consider the business-related TCJA provisions affecting individual taxpayers, including the pass-through deduction for qualified trades or businesses under IRC Section 199A.

Highlights

TCJA provisions affecting tax preparation.

Prerequisites

None.

Designed For

CPAs.

Objectives

Recognize the TCJA’s effect on the individual income and capital gains tax rates. List the changes in standard deductions, filing requirements and exemptions resulting from passage of the Tax Cuts and Jobs Act. Describe the TCJA’s impact on the adjustments to income for alimony and taxpayer moving expenses. Identify the changes affecting the itemized deductions on Schedule A. Understand the provisions of the enhanced child tax credit, and more.

Preparation

None.

Notice

None.