Happy 2018. Although some have criticized the process, priorities, and policies used in the formulation of this major tax system overhaul, we in the tax and accounting industry anticipated action. After several iterations, we finally got our wish for something—anything—in concrete so that we could have answers to the many questions our clients are asking about what tax reform does to their 2018 tax bill.
On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act, a 1,101-page document into law.
Final Business/Corporate/Partnership Provisions in Tax Cuts and Jobs Act of 2017
Here is a chart that briefly summarizes the major provisions affecting our business clients, including corporations, partnerships, and sole proprietorships.
Tax Cut and Jobs Act of 2017 Chart (PDF)
December 31, 2017
Vern Hoven and Sharon Kreider