Understanding the Tax Cuts & Jobs Act (TCJA) of 2017


CLE Credits earned: 2 GEN

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.

Key topics to be discussed:

•   Bracket Wars: the overall lowering of tax bracket rates, including the top tax bracket which has now fallen from 39.6% to 37%
•   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?
•   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?
•   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?
•   Mortgage Quest II: What effect does the home mortgage interest limitation of $750,000 of acquisition indebtedness pose?
•   A New Hope: New planning opportunities for charitable contributions and their effect? Now that we’ve doubled the lifetime exemption from estate and gift taxes in 2018 and beyond, what planning opportunities are available?
•   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)
•   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? How to maximize usage of the increased standard deduction for joint taxpayers (increases to $24,000)
•   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”?
•   How do we market these changes to your existing estate planning clients? Do they need tune ups?

Date / Time: December 7, 2018

•   2:00 pm – 4:00 pm Eastern
•   1:00 pm – 3:00 pm Central
•   12:00 pm – 2:00 pm Mountain
•   11:00 am – 1:00 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.


Jeffrey D. Katz, Esq., a native of Baltimore, MD, received his undergraduate degree from the American University (Washington, DC) — BS Political Science/Justice (1994), law degree from the Chicago-Kent College of Law in 1997, and Masters of Taxation (LLM) from the University of Miami (Coral Gables, FL) in 1998. Mr. Katz academic record placed him on the Dean’s List for second and third years of Law School, and he was awarded the CALI award for outstanding achievement in Advanced Tax Research at the Juris Doctorate Level, and in Corporate Tax at the LLM level.

As a tax and business attorney, Mr. Katz began his career with the accounting firm KPMG/Peat Marwick, LLP (now known as KPMG, LLP) at the firm’s Mid-Atlantic Tax Practice, providing Corporate, M&A, and Asset Protection advice to star-studded Fortune 500 clientele, inclusive of MCI/Worldcom, Sodexho/Marriott, and Hechinger Co., local business such as First Maryland Bancorp (now M&T Bank), B.F Saul Co. (Chevy Chase Bank), Crestar Bank, N.A. (now SunTrust), Genesis HealthCare (now NeighborCare) and ACSI, Inc. (E.Spire Communications), and international clients such as Wartsila N.S.D. Since entering private law practice, Katz has continued to provide high-value representation in to corporate and individual clients alike, whether based nearby or from all corners of the globe.

This background has equipped Mr. Katz to help a roster of national and international clients, both individual and corporate, grapple with a range of legal and business issues. He handles business formations, business sales, and business disputes, commercial real estate transactions, complex estate planning, elder care issues, and state and federal tax disputes.

Mr. Katz’s track record of success is not limited to the boardroom, but also extends to administrative law hearings before the Internal Revenue Service, Comptroller’s Office, MD Department of Labor Licensing and Regulation, Small Business Administration, US Department of Labor, and various other state, local, and administrative agencies.

Mr. Katz is a member of the Maryland bar, the Montgomery County Bar Association, the Maryland State Bar Association, and is admitted to practice before the Maryland District and Circuit Courts, the Maryland Federal District Court, and the United States Tax Court.
Mr. Katz is a frequent contributor to publications and periodicals, with recent articles having appeared in Bloomberg/BNA, and The Washington Business Journal, and a frequent speaker for NBI and MyLawCLE.

Areas Of Practice
Trusts & Estates
Tax Whistleblowers and Tax Qui Tam
Wills & Probate
Exempt Organizations
Capital Services

Bar Admissions
Maryland, 1997
U.S. Tax Court, 2003
U.S. District Court, 2007

University of Miami School of Law, Coral Gables, Florida
LL.M. – 1998
Honors: CALI Excellence for the Future Award– Corporate Tax
Chicago-Kent College of Law, Illinois Institute of Technology, Chicago, Illinois
J.D. – 1997
Honors: Dean’s List
Honors: CALI Excellence for the Future Award– Advanced Tax Research
Honors: Phi Alpha Delta
American University, Washington, District of Columbia
B.A. – 1994
Honors: Dean’s List
Honors: Delta Chi
Honors: District of Columbia Advisory Neighborhood Commissioner 3D, 1993-1994

Professional Associations and Memberships
Maryland State Bar Association, Member, 1997 – Present
Montgomery County Bar Association, Member, 2000 – Present

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Section I. Understand and explain to clients the Trump tax law changes

Section II. Apply possible and potential tax law changes to client business, investment and personal situations using case studies

Section III. 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