This course package focusing on newly enacted tax law changes relating to the Tax Cuts and Job Act (TCJA) and is worth 4 IRS continuing education credits. Signed into law on December 22nd, 2017, the Tax Cuts and Jobs Act is the largest revision to the tax code since 1986 and potentially even longer. The TCJA act makes significant changes to both individual and corporate tax law. Changes include adjusting tax brackets and rates, removing personal exemptions, and increasing some deductions while reducing or eliminating others. The tax changes effected by this Act are far reaching and are the cause of much discussion and debate in the tax professional community. This TCJA bundle will provide you with the most up to date and comprehensive training covering this vast legislation.
- Detailed tax training on the new TCJA, including a comprehensive self-study guide in digital format as well as downloadable resources and study-aids
- Course provides up to 4 IRS CE credits in the "Tax Law Updates" category
- Automatic IRS Reporting of CE Credits and Course Completion
- Purchaser can access courses as they are delivered via live webinar or via our online archive library with 24/7 access.
- Annual Access: view and access these courses and materials multiple times throughout the year to stay sharp!
- Additional TCJA course and topics and revisions may be added to this bundle as further guidance and detail are made available from IRS.
No More Personal Exemptions
The Tax Cuts and Jobs Act eliminated a staple of the individual tax system known as the personal exemption. Previously a taxpayer would be able to claim a $4,050 tax exemption for each individual listed on a tax return. The TCJA eliminated personal exemptions all together and replaced them with an increased Standard Deduction for all individual tax returns.
Increased Child Tax Credit
Before the passing of the TCJA the Child Tax Credit was $1,000 per qualifying child and began phasing out at $110,000 of income for MFJ filers. Under the new law TCJA doubles the Child tax credit to $2,000 per qualifying child and pushes out the phase out income limits to $400,000 for MFJ filers.
Deductibility of State & Local Taxes
The new TCJA limits the amount of State and Local taxes that are able to be used as itemized deductions to a cap of $10,000 in aggregate. Any taxes paid above this cap are not deductible.
One of more favored provisions of the TCJA is the effect it has on 529, educational savings accounts. Before the TCJA, 529s could only be tapped for qualifying College expenses. Now that TCJA is enacted 529 accounts can be used for K-12 expenses in addition to those stemming from College.
Deductibility of Qualified Business Income
Under the TCJA, pass-through entities such as S-corps, Partnerships, and Sole Proprietors will be able to deduct 20% of their qualified business income before their tax is calculated (subject to some limitations).