Source: https://www.cpethink.com/course/tax-cuts-and-jobs-act-business-tax-reform-for-the-2019-tax-year
Timestamp: 2019-10-23 03:15:53
Document Index: 42232233

Matched Legal Cases: ['art 1', 'art 2', 'art 1', 'art 2', 'in fine', 'art 2']

Tax Cuts and Jobs Act - Business Tax Reform - For the 2019 Tax Year
Tax Cuts and Jobs Act - Business Tax Reform - For the 2019 Tax Year (Course Id 1528)
IRS Credits : 13
Taxes - Taxes for Course Id 1528
The Tax Cuts and Jobs Act of 2018 was a significant change to the US tax code. The Tax Cuts and Jobs Act is organized into four primary sections of: Individual Tax Reform, Business Tax Reform, Exempt Organizations and International provisions. This is an updated course for 2019 that will provide a thorough review of the Business Tax Reform portion of the Tax Cuts and Jobs Act Bill (H.R.1.) and it also includes the provisions that have changed for 2019. Part 1 of this course will provide a summary description of all provisions referenced in the Business Tax Reform section of the Tax Cuts and Jobs Act. It will identify which sections changed for 2018 and which were updated for 2019. Each provision will reference a more detailed description of the provision in Part 2 of this course. The detailed description will review the pre-2018 law, provide a detailed description of the changes for 2018 and identify the effective date that the provision became effective.
Revision Date : 14-Jun-2019
NASBA QAS - NASBA Registry - IRS Enrolled Agents - 1528
Keywords : Taxes, Tax, Cuts, Jobs, Act, Business, Tax, Reform, For, 2019, Tax, Year, cpe, cpa, online course
Review the Business Tax Reform provisions and identify the provisions that have been changed, the provisions that were not changed, and those that were updated for 2019;
Identify the modified corporate tax rates for tax years beginning after December 31, 2017;
Chapter 1 - Tax Cuts and Jobs Act - Business Tax Reform<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Part 1 – Overview of the Business Tax Portion of the Tax Cuts and Jobs Act
Part 2 – Detailed Information and Present Law
1. Increased expensing
2. Modifications to depreciation limitations on luxury automobiles and personal use property
3. Modifications of treatment of certain farm property
4. Applicable recovery period for real property
5. Use of alternative depreciation system for electing farming businesses
6. Expensing of certain costs of replanting citrus plants lost by reason of casualty
1. Expansion of section 179 expensing
3. Modification of treatment of S corporation conversions to C corporations
D. Reform of Business Related Exclusions, Deductions, etc.
2. Modification of net operating loss deduction
3. Like-kind exchanges of real property
4. Revision of treatment of contributions to capital
5. Repeal of deduction for local lobbying expenses
6. Repeal of deduction for income attributable to domestic production activities
7. Entertainment, etc. expenses
9. Unrelated business taxable income increased by amount of certain fringe benefit expenses for which deduction is disallowed
10. Limitation on deduction for FDIC premiums
11. Repeal of rollover of publicly traded securities gain into specialized small business investment companies
13. Repeal of special rule for sale or exchange of patents
14. Repeal of technical termination of partnerships
15. Recharacterization of certain gains in the case of partnership profits interests held in connection with performance of investment services
17. Certain special rules for taxable year of inclusion
18. Denial of deduction for certain fines, penalties, and other amounts
19. Denial of deduction for settlements subject to nondisclosure agreements paid in connection with sexual harassment or sexual abuse
E. Reform of Business Credits
1. Repeal of credit for clinical testing expenses for certain drugs for rare diseases or conditions
2. Repeal of employer-provided child care credit
3. Rehabilitation credit
4. Repeal of work opportunity tax credit
5. Repeal of deduction for certain unused business credits
6. Termination of new markets tax credit
7. Repeal of credit for expenditures to provide access to disabled individuals
8. Modification of credit for portion of employer social security taxes paid with respect to employee tips
9. Employer credit for paid family and medical leave
1. Modifications to credit for electricity produced from certain renewable resources
2. Modification of the energy investment tax credit
3. Extension and phaseout of residential energy efficient property credit
4. Repeal of enhanced oil recovery credit
5. Repeal of credit for producing oil and gas from marginal wells
6. Modification of credit for production from advanced nuclear power facilities
G. Bond Reforms
1. Termination of private activity bonds
2. Repeal of advance refunding bonds
3. Repeal of tax credit bonds
4. No tax-exempt bonds for professional stadiums
1. Net operating losses of life insurance companies
3. Surtax on life insurance company taxable income
4. Adjustment for change in computing reserves
5. Repeal of special rule for distributions to shareholders from pre-1984 policyholders surplus account
6. Modification of proration rules for property and casualty insurance companies
7. Modification of discounting rules for property and casualty insurance companies
8. Repeal of special estimated tax payments
9. Computation of life insurance tax reserves
10. Modification of rules for life insurance proration for purposes of determining the dividends received deduction
11. Capitalization of certain policy acquisition expenses
12. Tax reporting for life settlement transactions, clarification of tax basis of life insurance contracts, and exception to transfer for valuable consideration rules
3. Treatment of qualified equity grants
4. Increase in excise tax rate for stock compensation of insiders in expatriated corporations
1. Treatment of gain or loss of foreign persons from sale or exchange of interests in partnerships engaged in trade or business within the United States
2. Modification of the definition of substantial built-in loss in the case of transfer of partnership interest
3. Charitable contributions and foreign taxes taken into account in determining limitation on allowance of partner’s share of loss
4. Cost basis of specified securities determined without regard to identification
5. Expansion of qualifying beneficiaries of an electing small business trust
6. Charitable contribution deduction for electing small business trusts
7. Production period for beer, wine, and distilled spirits
8. Reduced rate of excise tax on beer
9. Transfer of beer between bonded facilities
10. Reduced rate of excise tax on certain wine
11. Adjustment of alcohol content level for application of excise tax rates
12. Definition of mead and low alcohol by volume wine
13. Reduced rate of excise tax on certain distilled spirits
14. Bulk distilled spirits
15. Modification of tax treatment of Alaska Native Corporations and Settlement Trusts
16. Amounts paid for aircraft management services
17. Opportunity zones
18. Provisions relating to the low-income housing credit
Part 2c - Review Questions
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