Tax Cuts and Jobs Act Summary 2020

  • Credits: 4
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Update
  •  
  • Author/Speaker: Danny Santucci, CPA
Course ID: Advanced Preparation: Experience Level:
EWTFM-U-01562-20-S | 6233-CE-0294 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© January 2020 General Understanding of Taxes Self-Study eBook
COURSE DESCRIPTION

The Tax Cuts and Jobs Act (H.R. 1) was approved by Congress on December 20, 2017, and signed by President Trump on December 22, 2017. The Act impacts virtually every individual and business in a way not seen in over 30 years. With most provisions effective 2018, it lowers the individual and corporate tax rates, repeals numerous tax credits and deductions, enhances the child tax credit, boosts business expensing, and impacts the Affordable Care Act (ACA) by effectively repealing the individual mandate.

Topics include:
  • Tax bracket modifications and changes 
  • Individual & business tax credits, deductions & exclusions
  • Education incentives 
  • Saving, pensions, and retirement
  • Corporate & small business taxation
  • Insurance provisions
  • Compensation restrictions
  • International provisions
  • Exempt organization taxation

Learning Objectives:

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

1. Apply changes imposed by the Tax Cuts & Jobs Act (TCJA) relating to individual income taxes by identifying:

  • modifications to tax rates & the personal exemption, 
  • AMT exemptions, 
  • changes to the child tax credit,
  • new educational incentives & student loan discharge rules,
  • Mortgage interest & suspended deduction provisions, and
  • Alimony & estate taxation changes.
2. Point out key TCJA business provisions, including new corporate tax rates, expanded §179 expensing, denial of certain entertainment expense, and business credits.
3. Recognize TCJA  changes to:
  • insurance taxation,
  • tax treatment of excess of compensation,
  • deferred foreign income provisions, and
  • exempt organization and international taxation.

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