Critical Tax Reform Update for CPAs: The Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act is the biggest change to the tax law in over 30 years. With so many big changes, its easy to lose track of what has changed and what has not. We will cover every major change for individuals and businesses.

The biggest change to the law was the inclusion of a new 20% of qualified business income under IRC 199A. This new deduction has a lot of possibilities to save taxpayers thousands of dollars on their taxes. However, Congress has also made it easier for the IRS to assess penalties against practitioners and taxpayers, so it is extremely vital to get a great understanding of the deduction. The deduction uses taxable income, qualified business income, qualified unadjusted basis of assets and qualified wages. Each item has unique definitions that are not readily apparent.

• Changes to individual tax law
• Changes to business tax law
• Tax planning strategies under the new law
• IRC 199A – 20% QBI Deduction
• Updates in case laws to look out for
• What is to come in 2019.

• Changes to individual tax law
• Changes to business tax law
• Tax planning strategies under the new law
• IRC 199A – 20% QBI Deduction
• Major tax cases
• 2019 Outlook

The Tax Cuts and Jobs Act is the largest set of tax reform the United States has seen since the mid-1980s. The law changed many things for individuals, which contain a 2026 sunset provision and then permanent changes for corporations. This webinar will go through all the major changes to be aware of as well as how to help tax plan under the new law.

The new law also introduces IRC 199A, a 20% of qualified business income deduction. This deduction is a game changer and will be one of the biggest new ways to tax plan. Maximizing this deduction could save taxpayers thousands of dollars. This webinar will also go into the basics around this deduction and what is needed to get the most out of it

• CPA.
• Manager.
• Owner.

Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues.

Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, University of Connecticut with a MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions and IRS practice and procedure.

Currently Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 Under 35 CPAs in Virginia by the VSCPA in 2017 and CPA Practice Advisor’s Top 40 Under 40. He is a member of the VSCPA’s Tax Advisory Committee and Ethics Committee, and the AICPA’s Tax Practice and Responsibilities Committee.