Tax Cuts and Jobs Act (Cosponsored with ASCPA)

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Feb 16, 2018

Registration: 6:30 AM / Program: 7:00 AM - 2:30 PM

Fees

Member Fee: $314.00
Nonmember Fee: $414.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: 0.00

Description

Cosponsored with the Arizona Society of CPAs.

On December 22, 2017 President Trump signed into law the Tax Cuts and Jobs Act (TCJA). The major overhaul of our tax system will lower income tax rates for individual and corporate taxpayers and introduce a new 20% deduction for qualified business income for sole proprietors and pass-through entities (starting in 2018). The cornerstone of this course is the comprehensive discussion of the newly enacted income tax provisions affecting individuals and businesses.

Note: Event registration will be open until Monday, February 5. If you would like to register after that date, please contact OSCPA at 503-641-7200 / 800-255-1470, ext. 3 so we may manually register you for this event.

Designed For

Professionals in public or private practice in need of an in-depth training of the income tax provisions of the Tax Cuts & Jobs Act.

Objectives

Once participants have completed this session they should be able to explain the newly enacted individual and business income tax provisions of the TCJA to their clients, colleagues and employees.

Major Subjects

This session will extensively cover the newly enacted income tax provisions of the TCJA affecting individuals and businesses (i.e., sole proprietors, C & S Corporations and partnerships/LLC) laws. Each participant will receive the most up-to-date comprehensive reference manual on this subject. Topics include but are not limited to:
• 20% deduction for qualified business income for sole proprietors and
pass-through entities (New IRC §199A)
• Individuals - reduction to the income tax rates and modifications to the
AMT and kiddie tax calculations
• C corporations - reduction to the income tax rates, AMT repeal and
modifications to the dividend received deduction
• Partnerships - technical termination rule repeal and §743 substantial
built-in-loss changes
• S Corporations - new distribution ordering rules for eligible terminated S
corporations
• New excess business loss limitations
• Modifications to the NOL rules
• Changes and increases to both the §179 expense and bonus deprecation
and other depreciation changes for farmers
• Modifications to fringe benefits including the elimination of entertainment
expenses
• Elimination of like-kind exchanges for personal property
• Modifications to the individual standard deduction, itemized deductions
and personal exemptions
• Reduction of the individual mandate tax (i.e., shared responsibility
payment) to zero
• New business interest expense limitations
• Repeal of the domestic production activities deduction (§199)
• Expansion of the cash method of accounting and exemption from
percentage of completion method
• New general business credit for family and medical leave

If you would like to register for this event, please contact OSCPA at 800-255-1470, 503-641-7200, or email profdev@orcpa.org.


Leaders

Patrick Garverick

Pat Garverick is a Certified Public Accountant (CPA) who began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country. In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater, OSU.

(Rev. 2/2018)