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How Will the Tax Cuts and Jobs Act Impact Your Business

Learn to better describe and discuss the tax impact of the Tax Cuts and Jobs Act on corporate and non-corporate taxpayers.

The Tax Cuts and Jobs Act (the TCJA) represents the most comprehensive and sweeping changes to the Internal Revenue Code in more than 30 years. All business taxpayers will be directly impacted by these changes. Although one of the stated goals of 'tax reform' was simplification, the changes under the TCJA can be intricate and complex, and often generate more issues and questions than they address. Corrective legislation from Congress and additional guidance from Treasury is expected to correct errors and provide much needed clarity. This topic will provide you with the basic understanding necessary to be aware of the potential areas of impact that the TCJA will have on business taxpayers, and how to identify strategies for responding to those impact areas to ensure the most tax efficient result. This information will also ensure that you have a solid working knowledge of the key provisions of the TCJA for business taxpayers so that you can interpret and understand future corrective measures and/or guidance. The changes under the TCJA are effective for the current tax year. This information is critical for all tax professionals to understand the sweeping changes to current tax law and to have the necessary knowledge to effectively and strategically plan or structure their business activities in order to achieve the most tax advantageous result under the new law. The failure to understand the key business provisions of the TCJA could preclude business taxpayers from taking full advantage of the many tax benefits under the new law.

Runtime: 90 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Understanding the Impact of the Tax Cuts and Jobs Act on the Taxation of Corporations

  • Reduced Corporate Tax Rate
  • Reduced Tax Rate for Professional Service Corporations
  • Reduced Dividends Received Deduction
  • Corporate AMT Repealed

Understanding the Impact of the Tax Cuts and Jobs Act on the Taxation of Income From Pass-Through Entities and Sole Proprietorships

  • Analyzing the Qualified Business Income Deduction Under IRC Section 199A
  • What Is a Qualified Trade or Business?
  • What Items Constitute Qualified Business Income?
  • Determining Whether the Specified Service Business Limitation Restricts the Deduction
  • Determining Whether the Limitation Based on the W-2 Wages and Depreciable Tangible Property of the Business Restricts the Deduction

Understanding the Impact of the Tax Cuts and Jobs Act on Important Items That Generally Impact Business Owners

  • Domestic Production Activity Deduction Repealed
  • Bonus Depreciation and Section 179 Expensing
  • Net Operating Losses and Excess Business Losses Limited
  • Changes to Accounting Methods
  • Interest Expense Deduction Limited
  • "Carried Interest" Changes
  • Deduction of State and Local Taxes Limited

Planning Opportunities and Considerations

  • Analyzing "Choice of Entity" Issues and Strategies
  • Structuring Trade or Business Activities to Maximize the Qualified Business Income Deduction
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on March 27, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

J. Christopher Coffman

J. Christopher Coffman

Frost Brown Todd LLC

  • Member in the Louisville office of Frost Brown Todd LLC
  • Practice concentrates on civil and criminal tax controversies
  • Has represented clients in administrative proceedings before local and state taxing authorities and the Internal Revenue Service; in addition, he has represented clients before the United States Tax Court
  • He also has significant experience in representing clients in criminal matters at both the state and federal level
  • Has represented clients through federal investigations and at trial on criminal issues such as tax fraud and evasion, bank fraud, Medicare/Medicaid fraud, mortgage fraud, securities fraud, RICO conspiracies, mislabeling of food products, violations of the Foreign Corrupt Practices Act, voting fraud, money laundering, and state consumer protection act violations
  • J.D. degree, Vanderbilt University School of Law; B.A. degree, cum laude, Lipscomb University
Scott W. Dolson

Scott W. Dolson

Frost Brown Todd LLC

  • Member in the Louisville office of Frost Brown Todd LLC
  • Provides a wide variety of corporate, tax and mergers and acquisitions services, including business and tax planning for limited liability companies, partnerships and corporations, structuring the formation of closely held businesses and family limited partnership/LLCs, structuring syndicated private offerings in technology, real estate, oil and gas, restaurant and other business areas, tax planning for taxable and tax-free business transactions, handling disputes with the Internal Revenue Service and the Kentucky Revenue Cabinet, and providing general counsel to business organizations and their owners
  • Represents closely held businesses engaged in a variety of business activities, including real estate, technology, restaurants, physician and other professional practices, asphalt production and paving, oil and gas exploration, home health care, and laboratory testing
  • Also works regularly with individuals and closely-held businesses in the areas of family wealth transfer planning and business succession planning
  • Speaks regularly at seminars on business and tax issues; his experience is wide-ranging
  • Chambers USA, Corporate/M&A, 2005, 2008-2017; Selected for inclusion in Kentucky Super Lawyers®, Tax, 2007-2016; The Best Lawyers in America®, Corporate Law, Mergers & Acquisitions Law, Tax Law, 2006-2018; Peer Review Rated, Martindale-Hubbell®
  • J.D. degree, University of Virginia School of Law; B.A. degree, with honors, Harvard University
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Product ID: 401914
Published 2018
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