- NY Credits : 3.0
- TX Credits : 3.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 3.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax Update - 3.0
The Tax Cuts and Job Act Implications to Partnerships and S Corporations
While the Tax Cuts and Jobs Act (TCJA) made many changes to the U.S. Tax Code, among the entities most dramatically impacted were partnerships and S corporations. As those entities are pass-through entities, meaning income, deductions, gains, losses and other items flow through to the income tax returns of the partners or shareholders that own them, therefore, the TCJA changes also impact individuals. The most significant of these changes relate to the new Section 199A deduction, the increase in bonus depreciation, the increase in Section 179 expense, and some changes related to S corporation conversions, as well as accounting method changes. This course provides an overview of the changes to these entities as a result of the TCJA enacted in December 2017. This course is appropriate for all levels of professionals. This course is most beneficial to professionals new to the Tax Cuts and Jobs Act who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to the impact of changes made as a result of the Tax Cuts and Jobs Act.
Upon successful completion of this course, the user should be able to:
identify changes to the U.S. Tax Code for partnerships and S corporations that resulted from the enactment of the Tax Cuts and Jobs Act,
define qualified business income and electing small business trusts (ESBTs),
identify what qualifies for bonus depreciation, and
recall the impact on accounting method changes as a result of the new law.