This self study course is a must see tax update before tax season. We walk you through the most important changes and how they will affect your clients.
Learning Objectives - By taking this course the student will be able to apply the provisions of TCJA and other significant changes to preparing 2018 returns as they apply to individuals and small businesses. Includes extensive coverage of the Sec 199A flow through deduction. Provides a last minute refresher and great way to prepare the tax season. Includes an addendum for California preparers with California differences.
This review includes coverage of all the most important issues:
- Custom Worksheets that compute the 199A deduction including the phase-out for specified service trade or businesses (SSTBs) and the phase-in of the wage limitation for qualified trades or businesses. So far the IRS has only provided worksheets for situations where the taxpayer taxable income is under the thresholds (the simple calculation).
- Looks at rentals as a trade or business and the additional uncertainties introduced by the recent release of draft publication 535.
- Addresses the conflicting IRS guidance between the reliance regulations and the just released Pub 535 whether or not real estate and life insurance brokers are SSTBs.
- Explains how to deal with loss carryovers from 2017 when determining QBI for a business activity.
- Explains how deal with activities that have negative GBI, and the new QBI carryover.
- Explains the new business loss and business interest expenses limitation and the exemption for small businesses.
- Learn the tax benefits of the new Qualified Opportunity Funds.
- Learn the different ways short-term rentals including the 7 and 30 day rules.
- Learn the tax implications of crowdfunding.
- Lean the new limitations on home mortgage interest, tracing of equity debt, and the new limitations associated refinancing grandfathered acquisition debt.
- Includes a fast paced review of all of the individual and small business provisions of the Tax Cuts and Jobs Act.
- Plus how pending legislation may extend some provisions that expired after 2017 and provide additional benefits for disaster victims.
CPE Hours: Federal Tax Subject = 3 CPE Credit / Total = 3 CPE Credit
Accreditation: CTEC, IRS, Enrolled Agents, NASBA-QAS CPAs
Field of Study: Federal Tax Subject
Publication Date: 1/7/2019
Instructional Delivery Method: Self-Study
Advanced Preparation: No Advanced Preparation Required
Author: Lee Reams, Sr.
Course Material: Download the course PDF file from the Additional Reference tab.
Refund Policy: Your complete satisfaction is our #1 priority. At ClientWhys, we do whatever it takes to make sure your expectations are met on every order we complete. We back all of our products with a 30-day no-hassle money back guarantee. For information regarding refunds, complaints, and program cancellation policies, please contact our Customer Service Department at (800) 442-2477 Ext 1.
Certified Public Accountants: ClientWhys is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
ClientWhys, Inc. is an approved provider for IRS, NASBA QAS, CTEC and the Oregon Tax Preparer Board providing continuing education for CPAs, EAs, IRS, CRTPs.