The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers. Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are [...]
Last Thursday, President Trump and Senate Republicans turned their attention to tax reform by releasing an outline of their long-awaited tax reform plan. The nine-page “Unified Framework for Fixing Our Broken Tax Code” is intended to serve as a template for the congressional committees to draft legislation to cut tax rates, simplify the tax code [...]
There is a lot of speculation about how tax law may change with the new administration being very vocal about the need for tax reduction. Most agree that changes are coming, the question is if any changes will take effect retroactively to cover the 2017 year, or if 2018 would be the target start date. [...]
