The IRS continues to implement the Tax Cuts and Jobs Act (TCJA). This major tax legislation affects individuals, businesses, and tax exempt government entities. To help give tax professionals a better understanding of how the IRS is implementing the law, we are providing internal training materials categorized by audiences - small businesses, large businesses and international and tax-exempt entities. Each course has a brief description and links directly to the self-study materials. Small Businesses TCJA Training Materials Even if you are a small business, you may want to check out the training courses for large businesses or tax exempt entities, some of the provisions in the lessons may apply to you. SBSE Examination On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. This legislation contained 119 provisions of which 28 which were assigned to SBSE Examination. This self-study module contains information on 17 provisions to assist you with gaining an understating of the tax law changes implemented and identifying potential issues. IRC Section 529A(b)(7)(A) - Increased Contributions to ABLE Accounts (Provision 11024) IRC Section 529A(b)(7)(A) - Rollovers to ABLE programs from 529 programs (Provision 11025) IRC Section IRC 132(f)(5)(F) - Suspension of Exclusion for Qualified Bicycle Commuting Reimbursement (Provision 11047) IRC Section 132(g) - Suspension of Exclusion for Qualified Moving Expense Reimbursement (Provision 11048) IRC Section 2010(c)(3) - Increase in Estate and Gift Tax Exemption (Provision 11061) IRC Section 55 - Extension of Time Limit for Contesting IRS Levy (Provision 11071) IRC Section 53 - Repeal of Tax for Corporations (Provision 12001) IRC Section 53 - Credit for Prior Year Min Tax Liability of Corp (Provision 12002) IRC Section 1031 - Like-Kind Exchanges of Real Property (Provision 13303) IRC Section 162(q) - Denial of Deduction for Settlements Subject to Nondisclosure Agreements – Sexual Harassment/Abuse (Provision 13307) IRC Section 74(c) - Prohibition on Cash, Gift Cards, and Other Non-Tangible Personal Property as Employee Achievement Awards (Provision 13310) IRC Section 47 - Rehabilitation Credit Limited to Certified Historic Structures IRC Section 47 (Provision 13402) IRC Section 45S - Employer Credit for Paid Family and Medical Leave (Provision 13403) IRC Section 1361- Expansion of Qualifying Beneficiary – Electing Small Business Trust (Provision 13541) IRC Sections 641, 642, and 170 - Charitable Contributions – Electing Small Business Trust (Provision 13542) IRC Sections 481 and 1371- Modification of Treatment of S Corporations Conversion to C Corporations (Provision 13543) IRC Section 646 - Modification of Tax Treatment of Alaska Native Corp and Settlement Trusts (Provision 13821) IRC Section 4261 - Amounts Paid for Aircraft Management Services (Provision 13822) Start the training PDF IRC Sections 6343 and 6532 - Extension of Time Limit for Contesting an IRS Levy TCJA, Section 11071 – Extension of Time Limit for Contesting an IRS Levy Revised Time Period to Contest Levy Calculation of a Timely Claim Suit for Wrongful Levy Start the training PDF Modification of Net Operating Loss Deduction – IRC Section 172 Explain the Changes to the Net Operating Loss Deduction rules relating to TCJA Identify the Effective Dates Identify the Exceptions to the New Rules Compute a Net Operating Loss DeductionBody Text Start the training PDF Qualified Business Income Deduction - Provision 11011 – IRC Section 199A Discuss eligibility, overview of the deduction and define terms Explain the computation Discuss aggregation Discuss penalties and other items Start the training PDF Limitation on Business Interest Expense Under IRC Section (163j) Introduction and Prior Law Exclusions and Elections Calculation and Form 8990 Allocating Interest Expense Limitation on Business Interest Expense Under IRC Section (163j)Entities Start the training PDF Limitation on Losses for Taxpayers other than Corporations Provisions 11012 – IRC Section 461(l) Identify which taxpayers are impacted by this provision Compute the excess business losses Explain the tax impact of the excess business loss Start the training PDF Opportunity Zones and Qualified Opportunity Funds IRC Section 1400Z-1 and IRC Section 1400Z-2 Provide an overview of the Opportunity Zones Define Qualified Opportunity Zones Explain tax benefits available to investors in a Qualified Opportunity Fund Discuss the requirements of becoming a Qualified Opportunity Fund Define Qualified Opportunity Zone Business Property Start the training PDF Depreciation Provisions 13101, 13201, 13202, 13203, 13204, 13205 Section 13101 – IRC Section 179 - Section 179 Deduction (Provision 13101) Section 13201 – IRC Section 168k - Additional First Year Deprecation Deduction – Bonus Depreciation (Provision 13201) Section 13202 – IRC Section 280F (a) and 280F (b) Depreciation – Luxury Auto Limitation (Provision 13202) Section 13203 – IRC Section 168(b)(2) and IRC Section 168(e)(3)(B)(vii) - Modifications of Treatment of Certain Farm Property (Provision 13203) Section 13204 – IRC Section 168(e), IRC Section 168(b) and IRC Section 168(k) - Applicable Recovery Period for Real Property (Provision 13204) Section 13205 – IRC Section 168(g)(1)(G) and IRC Section 163(j)(7) - Use of Alternative Depreciation System for Electing Farming Businesses (Provision 13205) Start the training PDF Large Business & International TCJA Training Materials This self-study module covers large business and international individuals and businesses. You may also find that some of the materials listed under for small businesses or tax-exempt entities may apply to your situation. Also note that both SBSE and LB&I have materials related to IRC Section 163(j) and 199A, as the provisions under these sections are applicable to both organizations. Comprehensive LB&I Tax Cuts & Jobs Act Agent Training IRC 199A - Deduction for Qualified Business Income (Provision 11011) *LB&I version, also available above in a format tailored to SBSE PDF IRC 451 – Certain Special Rules for Taxable Year of Inclusion (Provision 13221) PDF) PDF IRC 163(j) – Limitation on Business Interest Expense (Provision 13301) *LB&I version, also available above in a format tailored to SBSE PDF IRC 367 and 91 – Transfer Pricing and Outbound Transfers of Property (Provisions 14102, 14221) PDF IRC 951A - Current Year Inclusion of Global Intangible Low-Taxed Income (GILTI) by United States Shareholders (Provision 14201) PDF Section 250 - Deduction for Foreign-Derived Intangible Income and Global Intangible Low-Taxed Income (FDII & GILTI) (Provision 14202) PDF Section 965 – Treatment of Deferred Foreign Income Upon Transition to Participation Exemption System of Taxation (Provision 14103) PDF Section 59A – Base Erosion and Anti-Abuse Tax (BEAT) (Provision 14401) PDF Overview of Various International Provisions of TCJA These overview materials are given as a prerequisite to the Comprehensive Training above. Topic I - U.S. Tax Regime and International Matrix, Pre TCJA PDF Topic II - Tax Reform Changes to International Tax Provisions PDF Topic III - Global Effective Tax Rate Analysis Post TCJA PDF Topic IV - Global Tax Org Chart Post TCJA PDF Topic V - IRS Treaty Administration Post TCJA PDF Topic VI - Global Impact of U.S. Tax Reform PDF Handout – Pre TCJA Internal Revenue Code Provisions PDF Handout – Post TCJA Internal Revenue Code Provisions PDF 2019 Continuing Professional Education for Agents TCJA Inventory and Accounting Method Changes PDF 2018 Continuing Professional Education for Agents IRC 704(d) CPE – Charitable Contributions and Foreign Taxes Taken into Account in Determining Limitation on Allowance of Partner’s Share of Loss (Provision 13503) PDF IRC 708 CPE – Repeal of Technical Termination of Partnerships (Provision 13504) PDF IRC 743 CPE – Modify Definition of Substantial Built-In Loss in the Case of Transfer of Partnership Interest (Provision 13502) PDF IRC 832(b)(5)(B); 847 and 846(c)(2) – TCJA for Non-Life Insurance Companies, (Provisions 13515, 13516, 13523) PDF Tax Exempt Entities TCJA Training Materials Even if you’re an entity exempt from income tax, some of the lessons for small and large businesses may also apply to you. Tax exempt entities The following lessons were posted to help explain how TCJA may affect tax-exempt organizations and charities. Unrelated Business Taxable Income Computed Separately for Each Trade or Business - “Siloing”; IRC Section 511, Provision 13702 PDF Increased Unrelated Business Taxable Income for Nondeductible Fringes; IRC Section 512(a), Provision 13703 PDF Excise Tax on Excess Tax-Exempt Organization Executive Compensation; IRC Section 4960, Provision 13602 PDF Excise Tax on Net Investment Income of Private Colleges and Universities; IRC Section 4968, Provision 13701 PDF 529 Account Funding for Elementary & Secondary Education; IRC Section 529, Provision 11032 PDF Foreign Dividends, IRC Section 965 (14103); Global Intangible Low-Tax Income; IRC 951A, Provision 14201 PDF
