Topics covered include:
The Tax Cuts and Jobs Act of 2017;
The Bi-Partisan Budget Act of 2018;
Adjustments for extended 2017 returns that can help 2018 and beyond;
When is an amended return for 2017 a good idea.
Upon completing this course, you should be able to:
Discuss at least five recent legislative changes retroactive to 2017;
Describe at least one way choices made for 2017 could negatively affect taxes for 2018 and later years;
Recognize and outline at least one situation where an extended (or amended) 2017 return might help you clients;
Identify the new tax rates as a result of TCJA;
Differentiate correct statements with respect to itemized deductions for medical expense subsequent to the TCJA;
Recognize deduction amount limits for state and local taxes as a result of TCJA;
Identify the new mortgage interest rules;
Describe the maximum Section 179 expense amount for 2018;
Recognize when taking fast recovery for assets placed into service after 9/27/17;
Identify the new taxable income amounts for taxpayers;
Differentiate true statements regarding Section 179 and bonus.
A basic understanding of federal income taxation concepts.