The Tax Cuts and Jobs Act: Lesson Learned

The National Association of Enrolled Agents’ (NAEA) Tax Cuts and Jobs Act: Lessons Learned provides tax professionals with guidance so they can prepare for the upcoming tax season and position their businesses for success.

The second filing season under the TCJA will pose new challenges for tax professionals and their clients. Taxpayers will rely on you to advise and guide them in this era of tax reform since more regulations and legislation were enacted after the 2019 tax season at both the federal and state levels.

Packed with overviews, analysis, and real-world examples, The Tax Cuts and Jobs Act: Lessons Learned is your resource to navigate the recent changes to the tax law. This book provides guidance on a variety of areas affected including changes to Form 1040, qualified business income and rental activities, income from fantasy sports, expatriates (expats), acquisition and disposition of intangibles, nonprofits, S corporations/C corporations, restaurants, and state and local taxes (SALT).

  • Learn which expenses qualify for deductions—and which ones don't.
  • Determine the effects of the TCJA on SALT refunds.
  • Compare 2019 and 2020 tables of the tax rates.
  • Decode the new tax forms and schedules correctly with step-by-step guidance.
  • Master the qualified income deduction (§199A) for rental activities.
  • Learn how to include global intangible low-taxed income (GILTI) in income by a U.S. shareholder of a CFC.
  • Consider practical recommendations for fantasy sports clients.
  • Understand how the foreign earned income exclusion will impact expats.
  • Establish what is considered a nondeductible parking expense that will now trigger unrelated business income tax (UBIT).

A complete listing of all available deductions and credits helps you identify those your clients qualify for, and includes critical information on dollar limits. NAEA’s Tax Cuts and Jobs Act: Lessons Learned helps you advise your clients for the 2019 filing year as well as for future year planning.

This book also offers resources from the IRS, BDO, and NAEA to keep you fully up-to-date plus eight hours of continuing education credits.

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