- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 4.0
Repercussions of the Tax Cuts and Jobs Act on Individual Filers
At a record-setting pace, Congress crafted, and the President signed into law, the Tax Cuts and Jobs Act of 2017 before the Christmas holidays. This major piece of tax legislation impacts individuals, businesses, and corporations beginning with the 2018 tax year. In this course, the focus is on the tax legislation affecting the individual taxpayers beginning with the key elements to the tax calculation such as tax rates, tax rate brackets, standard deduction amount and itemized deductions. The course moves on to the changes made to various above-the-line deductions and the tax calculation for AMT, the kiddie tax, and child tax credit and finishes with the changes affecting the educational and retirement tax provisions. This course is most appropriate for the professional with detailed knowledge in taxation of individuals who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
recognize the appropriate calculation of income tax attributable to the individual taxpayer based on tax rates, filing status and claimed dependents;
identify the allowable standard deduction and specific itemized deductions;
recognize the income tax regulations relating to capital gains, alimony payments and moving reimbursements;
determine the impact for the exclusion of a student loan by a qualified institution, excluded capital assets and the tax filing requirement for certain military personnel;
apply the rules for incomes taxes in accordance with TCJA affecting AMT, kiddie tax, interest, capital gains and education topics; and
recognize the regulations pertaining to qualified disaster distributions and retirement distributions.