2018 Federal Tax Update: Individual

Authored by Greg White
About this Course
Topics covered include: Recent and Forthcoming Guidance-Treasury Guidance; Warning- TCJA Was Drafted in a Hurry!; Tax Rates; Child Tax Credit and Kiddie Tax; TCJA and Bonus Depreciation; Breaking News Bonus Depreciation & Partnership Step-Ups; Passenger Automobiles; 15-Year Property; Section 179; Section 179-Qualified Real Property; Trading Places QIP; Alimony Income and Deductions; AMT; Gambling Losses; Planning for Itemized Deductions, Playing the Hand You're Dealt; Home Mortgage Interest Limits; Transforming Interest Expense Planning to Increase Interest Deductions; Property/Income/Sales Taxes; Miscellaneous Itemized Ddns; Health Savings Accounts ('HSA's'); Net Operating Losses Hobby Losses; Out of the Frying Pan into the Fire; Repeal Individual Mandate; Estate Tax, GST, and Gift Tax; Estate and Gift The Clawback; Excess Business Losses; Business Tax Credits; Business Interest Expense; Entertainment Deductions; Food and Beverages; Qualified Transportation Benefits, Athletic Facilities; Evaporation!; Like-Kind Exchanges; Partnership Changes; Carried Interests; Technical Terminations. Upon completing this course, you should be able to: Recognize and apply the latest developments in individual taxation for 2018; Recognize how to prepare accurate 2017 individual tax returns for 2018; Identify the new 2018 federal income tax rate and standards deductions for filers; Describe the impact to bonus depreciation from the TCJA passage; Identify the 2026 bonus depreciation rate; Differentiate types of properties now included in the definition of 'qualified improvement property' as a result of the TCJA; Describe examples of qualified improvement property; Recognize changes to AMT under the new tax laws; Recognize correct statements with respect to the new tax act and related individual deductions; Identify one of the most prominent miscellaneous itemized deductions suspended from 2018-2025; Differentiate correct statements with respect to HSAs; Recognize aggregate business losses for individuals filing married jointly are limited to under TCJA; Identify business food and beverage de minimis rules that were repealed as a result of the TCJA; Describe correct statements with respect to net operating losses; Identify tax impacts from the TCJA passage with a shelf life; Recognize the estimated percent of taxpayers that will itemize in 2018, based on changes to the standard deduction for taxpayers; Identify the maximum refundable portion of the child tax credit, under TCJA; Recognize which types of property is ineligible for Section 179 tax treatment beginning in 2018 for calendar year taxpayers; Identify the requirements for classification of qualified real property; Identify an exclusion under the new definition of qualified improvement property; Recognize the expected number of taxpayers to pay AMT in 2018 given the changes from the TCJA; Identify a driver of the reduction of taxpayers paying AMT as a result of the TCJA; Describe which miscellaneous itemized deductions have been suspended for what years; Recognize the de minimis rule related to the allocation of stock purchases is allowed if facilitative costs are less than; Identify contributions eligible after which month of Medicare eligibility with respect to HSAs; Identify the family coverage HSA contribution deduction limit for 2018; Differentiate which types of deductions are no longer allowed as a result of TCJA.
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NASBA Field of Study
CPE Credits
Basic understanding of federal income taxation concepts.
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