Tax Cuts and Jobs Act Impact on Small Business

Exam Questions: 20
Course Level: Basic
Pages: 126 | Content: 120, Supplemental: 6
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 7620A

This course focuses on changes made by the Tax Cuts and Jobs Act of 2017 on the taxation of small businesses. It includes changes made to the deduction of qualified business income, the limit on the interest deduction, asset expensing and other property rules, the C corporation tax rate reduction, and more. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00398-20-S

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Course Information

Table of Contents
  • Introduction to Small Business Rules
  • Qualified Business Income
  • Accounting Methods
  • Limit on Interest Deduction
  • Asset Expensing and Other Property Rules
  • Overall Loss Deduction Limit
  • C Corporations
  • To recall the threshold for the overall accounting method for C corporations
  • To identify the characteristics and thresholds for qualified business income (QBI)
  • To identify requirements for using various accounting methods
  • To identify limits of the business interest deduction
  • To recognize rules for asset expensing and bonus depreciation after the passage of the TCJA
  • To identify loss deduction limits
  • To recognize changes made to the taxation of C corporations by the TCJA

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