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The Tax Cuts and Jobs Act lead to the Most Sweeping Tax Reform in Over 30 Years and it is time to start dealing with those changes.

This webinar will summarize the most noteworthy changes for individual and corporations resulting from the new law. Join us for this high-level overview to ensure you are ready to start your tax season on the right foot and provide your clients the high-level of service you know you can!

As the first tax season under the Tax Cuts and Jobs Act gets underway, new guidance has been arriving in waves from the IRS. In this session, we’ll update you on what’s happening with the new guidance the IRS has brought out for provisions in the law as we get ready to prepare the first returns  This session will look at what official guidance the IRS has issued, as well as clues in publications and forms to help decipher the IRS’s views on application of the law. After this session you should be prepared not just to survive the upcoming tax season, but to help your clients thrive under the revised law.

Objectives

• §199A issues, including status of real estate agents and brokers as specified service trades and businesses

• Steps necessary to change a client’s accounting methods and which clients will be able to gain an advantage under the revised methods

•  Dealing with the limitations on itemized deductions and the increased importance of the standard deduction

• How the fringe benefit rules impact both for-profit businesses and tax-exempt organizations

• Other guidance on TCJA topics issued by the IRS through the date of the session

Highlights

• §199A - where the final regulations stand and information provided in the sections of Publication 535 regarding the deduction

• Preparing for Forms 3115 to take advantage of the small business accounting method relief provisions

• How the business interest deduction limitations may impact your clients via passthroughs

• The status of the meals deduction and the parking lot tax