Introduction

The Tax Cuts and Jobs Act of forms the current foundation of the US tax code. The Tax Cuts and Jobs Act is organized into four primary sections of: Individual Tax Reform, Business Tax Reform, Exempt Organizations and International provisions. This is an updated course for 2024 that will provide a thorough review of the Individual Tax Reform section of the Tax Cuts and Jobs Act Bill (H.R.1.) as well as any changes for 2024. Part 1 of this course will provide a summary description of all provisions referenced in Individual Tax Reform section of the Tax Cuts and Jobs Act. It will identify which sections changed for 2018 and which were updated for 2024. Each provision will reference a more detailed description of the provision in Part 2 of this course. The detailed description will review the pre-2018 law, provide a detailed description of the changes for 2018 and identify the effective date that the provision became effective.

Learning Objectives

At the end of this course, students will be able to:

• Review the Individual Tax Reforms provisions and identify which sections changed for 2018 and which were updated for 2024;
• Recognize the tax rate changes for the four types of individual taxpayers
• Recognize the new standard deduction amounts for the four types of individual taxpayers
• Identify where to find more information about each provision in part 2 of this course; and
• Identify the effective date for all individual tax provisions in the Tax Cuts and Jobs Act.

CPE Credit: 8 CPE for CPAs and EAs

Level: Intermediate

Instructional Method: Self-Study

NASBA Field of Study: Taxes

Program Prerequisites: Basic understanding of federal tax code.

Advanced Preparation: None