PWX14: Tax Cuts & Jobs Act Study Guide

Study Guide for Tax Cuts and Jobs Act

The study guide is provided to guide you through the course material in a step by step format.

Reading assignments are for “Tax Cuts and Jobs Act.”

1) Chapter 1: TCJA Provisions Affecting Tax Preparation

Reading Assignment: Chapter 1 <<>> Review Questions: #1-5

The learning objectives for this lesson are to be able to:

  • Recognize the TCJA’s effect on the individual income and capital gains tax rates;
  • List the changes in standard deductions, filing requirements and exemptions resulting from passage of the Tax Cuts and Jobs Act;
  • Describe the TCJA’s impact on the adjustments to income for alimony and taxpayer moving expenses;
  • Identify the changes affecting the itemized deductions on Schedule A; and
  • Understand the provisions of the enhanced child tax credit.

2) Chapter 2: TCJA Provisions Affecting Individuals

Reading Assignment: Chapter 2 <<>> Review Questions: # 1-4

The learning objectives for this lesson are to be able to:

  • Describe the Kiddie Tax modifications and the broadening of §529 plan distributions;
  • List the changes affecting the discharge of student loan indebtedness and net operating losses;
  • Describe the TCJA’s effect on the ACA’s requirement to maintain health coverage and its changes to employee fringe benefits; and
  • Identify the principal changes to the rules governing real property depreciation.

3)  Chapter 3: Business-Related TCJA Provisions Affecting Individual Taxes

Reading Assignment: Chapter3  <<>> Review Questions: # 1-3

The learning objectives for this lesson are to gain an understanding of:

  • Calculate the pass-through deduction for a qualified trade or business;
  • Define the terms “qualified trade or business,” “qualified business income,” and “qualified property” for purposes of the pass-through deduction;
  • Describe the W-2 wage limitation; and
  • List the changes with respect to Schedule C provisions, including those related to –
    • Entertainment expenses,
    • Section 179 expense limits,
    • 100% expensing,
    • Luxury auto limits,
    • Listed property updates, and
    • Net operating losses.