The Tax Cuts and Jobs Act makes sweeping changes.
Some of the new provisions won't necessarily be relevant to your situation. Here's a quick reference guide to the major changes under the new law to help you understand what's changing.
In general, these changes are effective for tax years beginning after December 31, 2017. For businesses, these changes are permanent, unless otherwise noted.
Also, be aware that federal tax law changes could affect state income tax obligations. This trickle-down effect will create uncertainty as states decide whether to conform to or decouple from the changes to the federal rules.
In the wake of the new tax law, midyear tax planning meetings are critical for business owners. We've provided only abbreviated explanations of each issue listed above. Contact us to discuss the details of the relevant provisions with your tax advisor to determine how the changes will affect your tax situation for 2018 and beyond.
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