Understanding the Tax Cuts and Jobs Act (TCJA) [2019 Edition]


CLE credits earned: 1 GENERAL (or 1 LAW & LEGAL for WA state)

President Donald Trump signed the $1.5 trillion tax overhaul into law on Friday December 22, 2017.

Starting next year, the new law will give big cuts to corporation and wealthy Americans and more modest reductions to other families.

Trump continued to pitch it as a win a for the middle class, insisting that even though polling indicates the tax cut is unpopular, “the numbers will speak” for themselves.

The new law marks the largest change in US Income tax laws since 1986, but far from the biggest in American history, as the president repeatedly claims. Nonetheless, practitioners need to know what’s in it, and how it affects your bottom line and your client’s bottom line. The first major overhaul of the nation’s tax laws since 1986 could add $1.5 trillion to the national debt over the next decade, according to the Congressional Budget Office.

This course is co-sponsored by the Federal Bar Association.

Key topics to be discussed:

•   Understand and explain to clients the Trump tax law changes
•   Apply possible and potential tax law changes to client business, investment and personal situations using case studies
•   Adjust planning to take into account possible tax law changes, and ensure flexibility in income tax, estate tax and corporate planning so as to be able to react positively change

Date / Time: July 1, 2019

•   2:00 pm – 3:00 pm Eastern
•   1:00 pm – 2:00 pm Central
•   12:00 pm – 1:00 pm Mountain
•   11:00 am – 12:00 pm Pacific

Choose a format:

•   Live Video Broadcast/Re-Broadcast: Watch Program “live” in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for “live” CLE credit.
•   On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 7 business days after the original recording date and are view-able for up to one year.

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Original Broadcast Date: April 24, 2019

Jeffrey Katz, Esq. is the founder and managing partner of JDKatz, P.C. He received his undergraduate degree from The American University (Washington, DC), Law degree from the Chicago-Kent College of Law, and Masters of Taxation (LLM) from the University of Miami.

Prior to opening his own practice, Jeffrey began his career with the accounting firm KPMG/Peat Marwick, LLP providing Corporate, M&A, and Asset Protection advice to star-studded Fortune 500 clientele, inclusive of MCI/Worldcom, Sodexho/Marriott, and Hechinger Co.

Jeffrey entered his own legal practice in 2000, and has provided high-value representation in to corporate and individual clients alike, whether based nearby or from all corners of the globe.

Jeffrey also represents “C” level executives, and their families in their personal and estate planning matters.

Jeffrey’s tax, insurance and estate planning practice focuses on comprehensive planning which is both cost effective and impactful. He takes a special interest in charitable planning, and plans which allow grantors to impart their values to their beneficiaries. Jeffrey frequently serves as a Trustee, and has administered over $100 million in estates and trust assets.

Jeffrey is a frequent contributor to publications and periodicals, with recent articles having appeared in Bloomberg/BNA, Inc., The Washington Business Journal, and is a frequent speaker for NBI and myLawCLE.

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Section I. Bracket Wars: The overall lowering of tax bracket rates, including the top tax bracket which has now fallen from 39.6% to 37%

Section II. The Empire Strikes Back: The Repeal of Personal Exemptions—what’s the effect on withholdings and withholding agents, and How do the new Alternative Minimum Tax (AMT) provisions affect our clients?

Section III. SALT Mines: How does the limitation of state and local income/real estate taxes at $10,000 per year affect my clients? How are the states responding?

Section IV. The Phantom Income Menace: A discussion of the deductibility of home mortgage interest from home equity loans vs purchase? How can these transactions be better structured?

Section V. Mortgage Quest II: What effect does the home mortgage interest limitation of $750,000 of acquisition indebtedness pose?

Section VI. A New Hope: New planning opportunities for charitable contributions and their effect?

Section VII. Now that we’ve doubled the lifetime exemption from estate and gift taxes in 2018 and beyond, what planning opportunities are available?

Section VIII. Attack of the Clones: Discussion of Child tax credit expansion and allowance at higher levels of income (phasing out beginning at $400,000 of income in place of $110,000)

Section IX. Revenge of the Sith: Can we blunt the loss of miscellaneous itemized deductions, now that unreimbursed employee business expenses, tax return preparation and investment management fees are no longer deductible on 1040 are their strategies we can employ to expense

Section X. How to maximize usage of the increased standard deduction for joint taxpayers (increases to $24,000)

Section XI. The Last Jedi: New opportunities for lawyers—how does the 20% deduction for income earned by “pass-though” businesses such as partnerships and S corporations, affect “law partnerships”?

Section XII. How do we market these changes to your existing estate planning clients? Do they need tune ups?