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.”

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.

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.

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.

PWX14: Tax Cuts & Jobs Act Study Guide