Vermont Society of Certified Public Accountants
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Details of the Tax Cuts and Jobs Act

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Member Price: $0.00
Non-Member Price: $0.00

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Date/Time:
Aug 8, 2019, 8:30am–4:30pm
Venue:
Hampton Inn Rutland/Killington (Rutland, VT 05701)
47 Farrell Road
Rutland, VT 05701
Developer:
Loscalzo Associates
Congressional leadership  had  been  promising  to  deliver  comprehensive  tax  reform since the 2016 elections. This session will look at the continuing impact of the law they produced and items that will impact clients. The changes made in late 2017 are the most significant tax changes since the Tax Reform Act of 1986 and we continue to receive guidance and learn about applying the rules found in the Act.This course will update you on the changes that you need to advise your clients about as you look to their tax planning.

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:
  1. Use of cash basis of accounting
  2. Exemption from UNICAP rules (Section 263A)
  3. Expansion of small contractor rules
  4. Exemption from business interest limits

Designed For

Tax practitioners who work with business, trust, estate and individual tax matters.

Prerequisite

General tax knowledge
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