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.
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.
- 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
- 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