Tax Cuts and Jobs Act: Individual Tax Preparation

  • Credits: 4
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Update
  • Author/Speaker: Paul Winn
Course ID: Advanced Preparation: Experience Level:
EWTFM-U-01683-21-S | 6233-CE-0409 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© January 2021 General Understanding of Taxes Self-Study eBook
COURSE DESCRIPTION

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.

Topics include:

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 §199A.

Learning Objectives:

After reading the course material, you will be able to:

  • Recognize and apply the applicable individual income and capital gains tax rates under the TCJA;
  • Identify the changes in deductions, exclusions, adjustments, and tax credits resulting from the TCJA;
  • Calculate the alternative minimum tax (AMT) and Kiddie tax;
  • List the changes affecting Section 529 plans, ABLE accounts, discharge of student loan indebtedness, accounting for net operating losses and the individual responsibility requirement under the Affordable Care Act; and
  • Calculate the pass-through deduction available under IRC §199A.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with All State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC