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The Tax Cuts and Jobs Act: A Guide for Practitioners E-book (CE Package)

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The E-book is included in a PDF format.

IRS Program Number: X9QQU-U-00542-18-S

2018 TCJA Update – The New Rules
By Ben A. Tallman, EA, USTCP
This article provides an overview of the latest tax changes and updates for the 2018 tax year. With the old rules from 2017 now behind us, the author evaluates the new rules and prepares tax professionals for how they will affect clients.

The QBI Effect - §199A
By Ben A. Tallman, EA, USTCP
One of the more complex provisions of the Tax Cuts and Jobs Act is new §199A, the deduction for qualified business income (QBI). §199A allows a deduction for up to 20 percent of QBI from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships. The author discusses what it is, who benefits from this new deduction, and recommendations for clients.

What Are They Doing with Tax Forms?
By Beth Logan, EA
The Tax Cuts and Jobs Act (TCJA) introduced new tax forms and schedules promising to simplify filing tax returns. This article reviews the new postcard-sized Form 1040 and other forms and discusses why these changes may not be as simple as they seem.

Employees and the Self-employed: A Comparison under the Tax Cuts and Jobs Act
By Gil Charney, CPA, CFP, CMA, CGMA, MBA
The 2017 Tax Cuts and Jobs Act (TCJA) is favorable to businesses of all types – corporations, partnerships, and sole proprietorships. For taxpayers in all other business entities – partnerships, S corporations, and sole proprietorships – a new below-the-line deduction was authorized by §11011 of the TCJA, creating §199A of the Internal Revenue Code (IRC). This article examines how this new deduction has stimulated business owners to think about their choice of entity and evaluate – hopefully with professional assistance – whether a change of entity type makes sense for them.

The Tax Cuts and Jobs Act: A New Landscape for Farm Clients
By Roger A. McEowen, JD
In late December 2017, Congress passed, and the president signed into law, the Tax Cuts and Jobs Act (TCJA). The TCJA represents the most significant modification of the Internal Revenue Code (IRC) in more than 30 years. This article reviews the major provisions of the TCJA that are specific to farmers, ranchers, and those involved in agricultural businesses.

S Corps, CFCs, and the Tax Cuts and Jobs Act
By Lou Vlahos, JD, USTCP
Although closely-held businesses have generally welcomed the Tax Cuts and Jobs Act’s amendments to the Code relating to the taxation of business income, many are also frustrated by the complexity of some of these changes. This article examines the provisions that have drawn the most criticism including the changes to the taxation of business income arising from the foreign (“outbound”) activities of U.S. persons.

Post-TCJA Qualified Personal Residence Trust Planning
By Martin Shenkman, JD, CPA/PFS, AEP
The sweeping changes of the Tax Cuts and Jobs Act (TCJA) have prompted reconsideration of many financial plans. The realm of estate planning will be especially affected by the TCJA’s doubling of the federal estate tax exemption. The author presents a hypothetical arrangement involving qualified personal residence trust and discusses practical steps tax professionals might want to recommend, as well as unexpected consequences those steps might create.

2018 Update on State Conformity to the Tax Cuts and Jobs Act
This article reviews the substantial amount of state legislative activity that occurred following the passage of the Tax Cuts and Jobs Act (TCJA), as well as administrative guidance issued by some states concerning reporting of deemed repatriation transition items under IRC §965 on 2017 state corporate and personal income tax returns.

Nonprofit Guide to the Tax Cuts and Jobs Act
By Ofer Lion, JD, and Douglas M. Mancino, JD
The 2017 Tax Cuts and Jobs Act (TCJA) impacts tax-exempt organizations in a variety of ways. This article briefly summarizes the provisions applicable to nonprofits and tax-exempt organizations, and provides guidance as to what the provisions may mean for nonprofits and how they might respond to and plan for the changes in their budgeting, unrelated business income tax (UBIT) planning, compensation decisions, and other areas.

TCJA Tax Credits for Immigrant Families
By Antonio C. Martinez, EA
As tax season approaches, families across the nation are looking to understand how the new tax law impacts them. This can be even more complicated if not everyone in your household is a U.S. citizen. This article discusses how the tax law applies to these mixed-status immigrant families.

Understanding New Regulations for IRC Section 199A
By David Mellem, EA
The Qualified Business Income deduction under IRC Section 199A was created as part of the 2017 tax law changes. This deduction is generally available for sole proprietors, owners of partnerships and S corporations, and beneficiaries of some trusts. The program covers the provisions as provided in the law PLUS the information provided in the IRS-issued regulations. Everyone who has clients with business income should attend one or more programs on the Section 199A.