The recent tax reform significantly changes Federal income taxation of individuals and small-to-mid sized businesses.  Few summaries discussing the Act explain the practical implications of how these changes in law affect tax return reporting positions.  This webinar, offered by two leading practitioners in Federal income tax, will summarize key provisions of the Act most likely to affect individuals and small-to-mid sized businesses and explain how those provisions “hit” the tax return.  Among the provisions to be covered are:
 

• The Section 199A deduction for qualified business income;


• Changes to the deduction for business interest expense;


• Changes to the limitations on net operating losses for corporate taxpayers and changes to losses more generally for non-corporate taxpayers;
  


• The new standard deduction and repeal of the personal exemption deduction;


• Changes to the home mortgage interest deduction;


• Changes to the income exclusion on the sale of a principal residence;


• Change to the deduction for State and local income and real property taxes;


• Changes to the casualty loss deduction; and


• The estate and gift tax in 2018 and after.