The Tax Cuts and Jobs Act brought about the most far-reaching changes to the tax code in a generation. New tax rates, deductions for pass-through entities, new depreciation rules, changes to home mortgage interest deductions, modifications of NOL rules, and new alimony rules are only some of the issues on which practitioners need to get up-to-speed this year. In this course, tax advisors will be fully updated on the most important legislative and regulatory developments of the season as well as major trends and changes in the case law.
Learning Objectives
- Understand the latest tax law changes
- Understand strategies and techniques for individuals to use in light of tax changes
- Understand current cases and rulings affecting individuals and businesses
Major Topics
- Section 461 loss limitation rules and the ability to offset income
- Revised home mortgage interest deduction
- Treatment of state and local taxes
- Section 1031 like-kind exchanges
- Carried interest
- New bonus depreciation rules and expansion of 179
- Expansion of taxpayers able to use the cash method of accounting
- 30% business interest limitation
- Rules on entertainment expenses, including meals
- Doubling of estate and gift tax exemption for a married couple
- Comprehensive coverage of the flagship item of tax reform, 199A, and its alteration of pass-through taxation and planning
- Relevant state domicile issues which are quickly becoming a new source of practitioner profit
- Review of pertinent cases and rulings affecting taxpayers
- Practice aids, including all the numbers applicable for the current year -- inflation-adjusted amounts, mileage rates, retirement contributions, and more
- The latest issues related to any other late-breaking tax law changes
