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Tax Reform's Impact on Corporations and Pass-Through Entities Logo aicpa

  Free |   AICPA |   05 Jan 2018 |   Taxes |   AICPA Store

The monumental passing of the Tax Cuts and Jobs Act results in historic tax reform impacting nearly every American. This CPE course provides a comprehensive overview of the changes impacting corporations and pass-through entities.

Learning Objectives

When you complete this course, you will be able to:

  • Identify corporate income tax changes.
  • Identify planning considerations for corporations and pass-through entities.
  • Recognize ways to advise clients on the impact of tax reform changes.
  • Analyze tax planning strategies after tax reform.
Key Topics
  • Reduction in Corporate Tax Rates
  • Reduction in Dividends Received Deduction from Domestic Corporations and Potentially Enhanced Deduction for Dividends from Foreign Corporations
  • New Deduction allowance on "Qualified Business Income" for Flow-Through Entities - Section 199A
    • Definition of "Qualified Business Income"
    • Deduction restrictions and Limitations
    • Treatment of Professionals Using LLC's and Partnerships
  • New Fringe Benefits Rules
    • Repeal of Qualified Transportation Fringe Benefits
    • Repeal of exclusion for employee reimbursed moving expenses.
    • Limitations on other formerly tax free employee fringe benefits
  • Major Depreciation Changes
    • Enhanced Additional First Year/Bonus Depreciation
    • Expanded Section 179 Expensing for First Year Assets
    • Qualified Improvement Property (formerly Qualified Leasehold Improvements)
    • Applicable Recovery Period for Real Property
    • Modifications to Section 280F Luxury Car limitations
  • Changes to the Alternative Minimum Tax (AMT)
  • New Methods of Accounting Rules for Small Businesses Taxpayers
    • Expanded availability of the cash method.
    • Reduced inventory tracking requirements.
    • Raised threshold before Section 263A Uniform Capitalization Required
    • Changed Deferred Income Recognition Standard
    • Expanded Availability of Completed Contract Method
  • New Limitations on the Deductibility of Interest Expense
  • Restrictions on Section 1031 Like-King Exchanges
  • Modification of Net Operating Loss Provisions
  • Repeal of Business Entertainment Expenses
  • New Limitations on Executive Compensation
  • Partnerships
    • Repeal of Technical Termination Provisions
    • Modification of Substantial Built-in Loss Provisions
    • New Look Through Rule on Dispositions of Interests
  • S Corporations
    • Converting Back to C Corporations
      • Changes in Post Termination Transition Period Provision Distributions
      • Changes to Section 481(a) Adjustments
    • ESBT Shareholder
Who Will Benefit?
  • Tax and business professionals
Enhanced On-Demand Format

This enhanced on-demand format incorporates interactive exercises and/or knowledge check questions to test the learner's understanding of key concepts shared through discussion points on slides and from the subject matter expert captured in the video recording.

Topics covered:
  • Tax: Technical: S corporation income taxation, Intermediate
  • Tax: Technical: C corporation income taxation , Intermediate