Surgent's Overview & Analysis of the New Tax Law: Part 1 - Focus on Individual Taxation

Overview

The passage of OBBBA represents the most consequential tax law since The Tax Cuts and Jobs Act (TCJA) in 2017. It is now up to accounting and finance practitioners to digest this new legislation so they can adequately advise their clients regarding its effect. This course includes detailed coverage of all the individual tax provisions contained in OBBBA. Our experts have broken down this voluminous legislation and distilled its presentation into two parts, each offering four CPE credits. These courses are independent of each other and do not need to be taken in order. For coverage of all business tax provisions, please see Overview and Analysis of the New Tax Law: Part 2 – Focus on Business Taxation (NEW2).

Surgent is providing first-to-market coverage of the legislation in a comprehensive but easily digestible manner. We will, of course, bring our customers future clarifications and corrections emanating from the legislation. Clients will be immediately asking about these enactments, and a real-time understanding of them will be critical to properly provide advice.

Prerequisites

A basic rudimentary understanding of the tax rules impacting individuals

Objectives

• Be well informed about individual tax changes resulting from the enactment of the recent legislation

Highlights

• Treatment of state and local taxes (SALT)
• Taxation of overtime pay
• Treatment of income from tips
• New deduction for senior citizens
• Marginal tax rates, personal exemptions, itemized deductions, Child Tax Credit, alternative minimum tax, casualty losses, and other return items
• Moving expense exclusion
• Dependent care assistance program and child and dependent care tax credit
• Home mortgage interest deduction
• Deduction for new vehicle loan interest
• Non-itemizer tax deductions
• Trump accounts/pilot program
• Estate and gift tax changes
• Energy deductions and credits
• Education: expanded use of 529 plans; student loans
• Many, many other newly enacted individual tax provisions in the far-reaching legislation affecting nearly all taxpayers and their advisors