Question

1. Which of the following was not a change from the Tax Cuts and Jobs Act...

1. Which of the following was not a change from the Tax Cuts and Jobs Act of 2017?

There is a new deduction for 20% of qualified business income.

The corporate income tax rate was reduced to 21% flat.

Charitable contributions are no longer deductible.

The itemized deduction for state and local taxes is capped at $10,000.

2.

Adjusted gross income (AGI) is important because

It is used as a base to determine the amount of certain tax deductions and tax credits.

It is gross income less specific deductions allowed by law, such as the deduction for contributions to an IRA.

Modified AGI is used to determine the amount of taxable Social Security benefits.

All of the above.

3. The Acme Company uses the accrual basis of accounting for financial reporting purposes. On January 1, 2018 it received $15,000 as an advanced payment for a three-year consulting contract starting January 1, 2018. When must Acme report the income for tax purposes? When will it report the income for financial reporting purposes?

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