Seminar

The Tax Cuts and Jobs Act: A Guide to the New Law, Including Understanding Section 199A

  • Monday, October 29, 2018

    8:30am – 4:30pm
    (Registration: 8:00am)
  • Sheraton Wilmington South

    365 Airport Road
    New Castle, DE 19720
  • 8
    CREDITS
    Taxes

With the Tax Cuts and Jobs Act signed by President Trump on Dec. 22, the long road to tax reform has brought us the largest overhaul to the tax code since 1986. The widespread changes affect many aspects of individual and business taxes, beginning in 2018, and your clients will be coming to you with a myriad of concerns and planning questions. Don’t get caught off guard. This seminar will get you up-to-speed on all of the critical aspects of the new law and prepare you to effectively advise both your individual and business clients.

By far the most complex provision of the Tax Cuts and Jobs Act is the Section 199A 20% deduction for pass-through entity owners and real estate investors. CPAs must know how Section 199A works in detail so their clients can take advantage of the tremendous opportunities this provision offers. On August 8, the IRS released almost 200 pages of regulations on this topic, providing greatly needed guidance and specificity concerning the relevant terms and calculations. This program will equip practitioners with the knowledge to help clients implement Section 199A and maximize the 20% deduction, in light of this new IRS guidance.

Objectives

  • Understand and apply the categorical changes in the tax law brought about by the Tax Cuts and Jobs Act
  • Understand how the 20% deduction for pass-through entity owners works
  • Learn how to calculate the §199A deduction
  • Know how to apply and claim the §199A deduction
  • Maximize the benefits of the §199A deduction

Highlights

  • Reduction in individual and corporate tax rates
  • Taxation of pass-through entities
  • Deduction of home mortgage interest
  • State and local tax deductions
  • New alimony rules
  • Repeal of the Obamacare individual mandate
  • Standard deduction and itemized deductions
  • Child tax credit
  • Use of §529 accounts
  • Survival of personal AMT and repeal of corporate AMT
  • Estate and gift tax
  • New limitations on business losses
  • New depreciation rules and §179 expensing
  • Business interest
  • Modification of NOL rules
  • New credit for employer-paid family and medical leave
  • Repatriation of foreign funds
  • Operational rules for calculating the Section 199A deduction
  • Definitions that apply for purposes of the Section 199A deduction
  • Calculating the deduction for taxpayers with taxable income within the phase-in-range
  • What is a specified service trade or business?
  • Computation rules and examples for individuals whose taxable income does not exceed the threshold amount
  • Computation rules and examples for individuals whose taxable income exceeds the threshold amount       
  • Treatment of non-calendar year taxpayers
  • Requirements for aggregation of separate trades or businesses
  • Anti-abuse rules targeting use of trusts
  • Guidance on methods for calculating W-2 wages for purposes of Section 199A
  • Special rules for pass-through entities, SE tax, and net investment income tax

Additional Information

Designed For

Tax practitioners seeking to understand the new tax legislation and how it impacts their clients and understand and apply the §199A deduction

Vendor

Surgent

Advanced Preparation

None

Prerequisite

Experience with individual and business clients and a basic understanding of the Federal tax rules relating to individuals and businesses

Field of Study

Taxes

Instructor

Charles Borek

Course Number

18TAX10/W

Level of Knowledge

Intermediate

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