Tax Cuts and Jobs Act: Maximizing Itemized Deductions under the New Law

Author: Greg White

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law for CTEC
2 hours Federal Tax Related for EAs and OTRPs

How Can You Maximize Deductions under Tax Reform?
Join experienced practitioner and instructor Greg White, CPA, for an in-depth look at how the Tax Cuts and Jobs Act of 2017 (TCJA) affects the deductions your clients are able to use on their tax returns. There have been many changes in this area and your clients are counting on you to make sure that they can get the best possible tax treatment on home mortgage interest, charitable deductions, and many others that are affected by the TCJA reforms.

Publication Date: June 2019

Designed For
CPAs EAs, tax professionals in public practice and tax staff in private practice who have some experience with federal tax issues and concepts.

Topics Covered

  • Standard Deduction and Personal Exemptions
  • Planning for Itemized Deductions-Playing the Hand You're Dealt
  • Home Mortgage Interest Limits
  • Transforming Interest Expense-Planning to increase interest deductions
  • Debt-financed Distributions
  • Property/Income/Sales Taxes
  • Charitable Contributions
  • Miscellaneous Itemized Deductions
  • Suspension of Unreimbursed Employee Exp.
  • Our Fees
  • Hobby Losses: Out of the Frying Pan into the Fire
  • Gambling Losses
  • State Tax "Work Arounds"
  • Pease Limitation
  • QBID Not Itemized
  • 7.5% Medical
  • Personal Casualty Losses
  • Health Savings Accounts ("HSA's")
  • Investment Advisory Fees
  • 2% Misc. Itemized
  • Investment Advisory Fees
  • Lender's Bagels Case Study
  • AMT

Learning Objectives

  • Recognize how to maximize itemized deductions under the new Tax Cuts and Jobs Act
  • Identify how donor-advised funds and qualifying charitable distributions can maximize deductible charitable contributions at a minimal cost
  • Recognize and apply case law and administrative guidance to increase the deduction for tax preparation fees
  • Identify deductible home mortgage interest deductability, including the refinancing rules
  • Identify and apply tax regulations to derive benefit from investment advisory fees
  • Recognize and apply elections to increase the deduction for taxes on investment property
  • Identify the new standard deductions as a result of the TCJA
  • Differentiate correct statements with respect to the new mortgage interest rules
  • Recognize how property taxes are limited to what amount for those taxpayers filing married jointly, under the new tax rules
  • Describe an example of a prominent miscellaneous itemized deduction that has been suspended through 2025
  • Differentiate correct statements regarding HSA accounts and the impacts from the new tax regulations
  • Identify one of the state tax workarounds with respect to the $10,000 deduction limit
  • Recognize tax deductions for taxpayers that have been eliminated as a result of the TCJA
  • Recognize which types of funds can help some taxpayers "bunch" deductions to get greater benefit from charitable contributions for the period 2018-2025
  • Describe an example of an unreimbursed employee expense that has been suspended from 2018 to 2025 for purposes of tax deduction
  • Recognize types of tax preparation fees can no longer be deducted above the line
  • Identify characteristics of AMT

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of federal taxation concepts and itemized deductions on individual income tax returns.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $55

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