Details of the Tax Cuts and Jobs Act and Impact to your Clients

Congressional leadership has been promising to deliver comprehensive tax reform since the 2016 elections. This session will look at the law they produced and items that will impact clients. We are looking at the most significant tax changes since the Tax Reform Act of 1986.* This course will update you on the changes that you need to advise your clients about as you look to their 2018 tax planning.

Basic Course Information

• Apply the new passthrough deduction rules that begin in 2018
• List the changes in itemized deductions that take place beginning in 2018
• Calculate the limits on the deduction of business related interest expense and, for eligible businesses, advise the business on related elections
• Help clients understand the impact and advisability of changing their tax entity under TCJA

• New tax rates applicable in 2018
• Qualified business income deduction (passthrough deduction)
• Deduction limits for business related interest
• Limits on state and local nonbusiness tax deductions
• Advising clients on the changes that will apply to alimony agreed to after 2018
• Special small taxpayer accounting method relief allowing
• Use of cash basis of accounting
• Exemption from UNICAP rules (Section 263A)
• Expansion of small contractor rules
• Exemption from business interest limits