2018 Update: Tax Cuts and Jobs Act

Tax Year: 2018
Prerequisite: General understanding of federal tax law concepts, as this course is to discuss the changes to it and new laws.

Course Description:
If there is one truism about taxes, it's that everything changes! Here we are near the beginning of a new tax season and today we will be learning about the changes for the current tax season, 2017, and what we know about things to come for 2018 to help our clients plan for the upcoming year. The Tax Cut and Jobs Act (TCJA), signed into law on 12/22/17, is a sweeping change to the tax laws.  We know what the law says, but the actual mechanics of how it is going to work out and the translation of the law into plain language is ongoing.

Topics covered include:

  • things we know are changing for 2018
  • review of 2018 ACA Provisions
  • The Tax Cuts and Jobs Act (TCJA) of 2017, including the new QBI
  • review of 2018 Common Items adjusted for inflation

Course Objectives:
Upon completion of this course, you should be able to:

  • identify certifiable reason a client may have missed the 60-day rollover window for an IRA, and why a client may have their passport revoked or their account turned to a private debt collector and the next steps to correct or avoid.
  • identify changes caused by the TCJA to:
    • individuals:
      • personal exemption and standard deduction
      • itemized return deductions
      • above the line deductions
      • credits
    • businesses:
      • conversions and Terminations
      • creation and calculation of the QBI deduction
      • deprecation

Filmed: Sept. 2018

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