Tax Cuts & Jobs Act - Individual Tax Preparation - 2024 (Text Based)

The Tax Cuts and Jobs Act of 2017 (TCJA), signed into law during the closing days of 2017, significantly affects tax planning and the income tax liability for many taxpayers. This course will examine the principal changes affecting individual taxpayers made by the TCJA and the current limits applicable to them. 

It examines the provisions of the TCJA with increased potential to affect the taxation of individuals related to changes in:

• Individual and capital gains tax rates;

• Standard deduction and exclusions;

• Income and adjustments to income;

• Itemized deductions in Form 1040 Schedule A;

• Form 1040 Schedule C;

• Tax credits;

• Individual alternative minimum tax (AMT);

• Taxation of unearned income of minor children;

• Qualified tuition plans;

• ABLE accounts;

• Tax treatment of student loan indebtedness discharges;

• Net operating losses; and

• Affordable Care Act individual responsibility requirement.

In addition, it will consider the business-related TCJA provisions affecting individual taxpayers, including the pass-through deduction for qualified trades or businesses under IRC §199A.

Learning Objectives:

1. Recognize and apply the individual income and capital gains tax rates applicable to the current year;

2. Identify the current year deductions, exclusions, adjustments, and tax credits;

3. List the changes affecting Section 529 plans, ABLE accounts, discharge of student loan indebtedness, accounting for net operating losses and the individual responsibility requirement under the Affordable Care Act; and
   

4. Calculate the pass-through deduction available under IRC §199A.

5. Recognize the TCJA's effect on the individual income and capital gains tax rates;

6. List the changes in standard deductions, filing requirements, and exemptions resulting from the passage of the Tax Cuts and Jobs Act;

7. Describe the broadening of §529 plan distributions;

8. List the changes affecting the discharge of student loan indebtedness and net operating losses;

9. Recognize the general pass-through deduction for a qualified trade or business;

10. Define the terms "qualified trade or business," "qualified business income," and "qualified property" for purposes of the pass-through deduction;

Instructional Method: Self-Study

Review Date: 04/27/2024

Required Components: Written Materials

CPE Final Exam Required Passage Grade: 70%

Please Note: This course must be completed within 1 year of the date of receipt of this course for CPE Credit.

Field of Study: Taxes

Level of Knowledge: Beginner

Prerequisites: None

Level: Overview

For more information regarding administrative policies such as refunds, cancellations, and complaints, please contact FurtherEd at (912) 666-6282.

FurtherEd is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.