President signs sweeping tax overhaul into law

In late 2017, Congress passed sweeping tax reform legislation. The Tax Cuts and Jobs Act permanently lowers the corporate tax rate and temporarily lowers the individual tax rates. Many deductions have been changed or removed and new deductions were added. The changes in the tax bill are significant and will lead to many questions and planning opportunities. We want to provide all clients with a briefing of these changes (click here for the PDF) and let you know that we are studying the new law to determine how it will impact respective tax situations. 2017 tax returns will not be affected by these changes, giving us plenty of time to implement the new law as we move forward in the new year. The common question is “How will this affect my tax liability?”. For those that we prepare a 2017 tax return, we will be able to prepare a 2018 tax projection and will advise of the impact going forward.