January 19, 2018Share:
With the signing of the Tax Cuts and Jobs Act (H.R.1) on December 22, 2017, individuals and businesses will need to determine how they will be affected by the most dramatic changes to the U.S. tax system in over 30 years. The Joint Committee on Taxation projects the cost of the new tax legislation to be almost $1.5 trillion over the next ten years. How the tax legislation affects you or your business depends on your individual set of facts and what actions you take in 2018 and future years. The new tax legislation provides a significant opportunity to generate tax savings. There are however some areas of the legislation where many questions need to be answered and additional guidance will need to be issued.
Many of the changes to the Internal Revenue Code in the bill are temporary. This is true especially with respect to the provisions of the bill impacting individuals. Unless otherwise noted, most provisions are effective for tax years beginning after December 31, 2017. Below is a broad overview of some of the provisions that may significantly impact our clients and friends.