Objective
Participants will be able to:- Apply the Section 199A passthrough deduction rules
- List the changes in itemized deductions under TCJA
- Calculate the limits on the deduction of business related interest expense and, for eligible businesses, advise the business on related elections
- Help clients understand the impact and advisability of changing their tax entity under TCJA
Highlights
- Post-TCJA tax rates and how they impact tax planning
- Qualified business income deduction (passthrough deduction under Section 199A)
- Deduction limits for business related interest
- Limits on state and local nonbusiness tax deductions and state attempts to work around this limit
- Advising clients on the changes that will apply to alimony agreed beginning in 2019
- Special small taxpayer accounting method relief allowing for significant tax savings including:
- Use of cash basis of accounting
- Exemption from UNICAP rules (Section 263A)
- Expansion of small contractor rules
- Exemption from business interest limits
Designed For
Tax practitioners who work with business, trust, estate and individual tax matters.Prerequisite
General tax knowledge