Don Farmer’s Tax Cuts and Jobs Act of 2017 Update
In this course, we review the provisions of the Tax Cuts and Jobs Act of 2017 which we believe affect the vast majority of individual and business taxpayers using a combination of humor and examples. We will emphasize tax planning for individuals, corporations, and non-corporate businesses.
The course format is designed to update CPAs with various levels of experience.
- To review the major provisions of the Tax Cuts and Jobs Act of 2017. This course includes a detailed outline. The seminar is designed to update participants concerning the major provisions of the Tax Cuts and Jobs Act of 2017 passed by Congress on December 20, 2017.
- Individual Provisions - New individual income tax rates effective for tax years beginning after 2017, capital gains and qualified dividend rates, new kiddie tax rules, enhanced child tax credit, limitation on state and local tax deductions, reduction in amount of qualified home mortgage acquisition indebtedness for which interest is deductible, repeal of certain itemized deductions, modification of AGI limit for charitable contributions, limited deduction for casualty losses, changes to section 529 plans, elimination of alimony deduction, limitation on gambling losses, new rules for ROTH conversions, changes to rules allowing rollovers to IRAs, changes to estate gift and generation-skipping taxes, modification of individual AMT rules, repeal of ACA requirement for individuals to have medical coverage, new rules for taxation of carried interest, and much more.
- Business Provisions - Reduction in C corporation tax rates, new 20 percent deduction for qualified income from S corporations, partnerships, proprietorships and trusts and estates, 100 percent depreciation deduction effective for assets acquired and placed in service after September 27, 2017, increased 179 depreciation deductions, new limitations for NOL carrybacks and carryovers, modification of recovery periods, new rules for real property qualifying for the 179 deduction and the 168(k) depreciation deduction, more flexible accounting methods for small businesses, new limitation on deduction for business interest, limitations on like-kind exchanges, and much more.
Professional Area of Focus
CPE Field of Study
Who Should Attend
8:00 am - 4:00 pm