Business Tax Update (SMTX21/19)

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Event Description

This course reviews the highlights of the Individual portion of the HR1-Tax Cuts and Jobs Act. Topics include an overview of the new tax rates and how reform has affected accounting methods for business income.

Major Subjects

  • Tax Rates
  • Cost Recovery (Increased expensing and Modifications to depreciation limits on luxury automobiles; Modifications to certain farm property; Applicable recovery for real property)
  • Small Business Accounting Methods (Increases in thresholds; Use of Form 3115)
  • Modifications of S to C conversions
  • Reform of Business-Related Exclusions and Deductions(Interest; Net Operating Losses; Like-kind exchanges; DPAD; Entertainment expenses)
  • Reform of Business Credits
  • Energy Credits
  • Reforms related to other provisions and compensation
  • Deductions for income from a trade or business (Simple rules; Income-based rules; Professional service-based rules)

    Discussion Leader

    Shelli Huston, CPA