Tax Reform: The 2018 Tax Bill December 19, 2017

Although some have criticized the process and the policy decisions in the formulation of this major tax system overhaul, we in the tax and accounting industry wanted action and less talk about “maybe this will change and maybe that will stay.” We are about to get our wish for something—anything—in concrete so we can get tax plans in place before year end and have answers to the many questions our clients are asking about what tax reform does to their 2018 tax bill.
On December 15, 2017, Congressional Republicans released a 1097 page document, their reconciliation of the House and Senate tax reform bills. Only two steps are left before The Tax Cuts and Jobs Act of 2017 (H.R. 1) is sent to the President for his signature: a vote in the House and a vote in the Senate. Votes are expected this week with the bill on the President’s desk at the end of the week.
Here is a comparison chart that briefly summarizes the major provisions affecting our individual clients.

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Tax Reform 2018 — Individual Clients (PDF)


Overview of the Tax Cuts and Jobs Act: Planning Opportunities for CPAs

The Tax Cuts and Jobs Act will be the most significant tax reform in 30 years. This course will provide updates on the current status of the legislation and discuss related year-end planning opportunities. Sessions Added Due to Demand. 


One-Day 2018 Tax Reform SeminarsGet the most comprehensive, informative tax reform info. Find a Tax Reform Workshop location near you with 20 seminar locations. Get the tax reform information you need—and all those nagging questions answered—before summer vacation hits!

Sharon Kreider, CPA, has helped more than 15,000 California tax preparers annually get ready for tax season. She also presents regularly for the AICPA, the California Society of Enrolled Agents, CCH Audio, and Western CPE. You’ll benefit from the detailed, hands-on tax knowledge Sharon will share with you—knowledge she gained through her extremely busy, high-income tax practice in Silicon Valley. With her dynamic presentation style, Sharon will demystify complex individual and business tax legislation. She’s a national lecturer for business and professional groups and consistently receives outstanding evaluations. In 2014, she was awarded the prestigious AICPA 2014 Sidney Kess Award for Excellence in Continuing Education.

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How The $3.5 Trillion Budget Blueprint Could Impact Your Clients

The new reporting requirements on brokers are addressed in Section 80603 of the bill. “Broker,” by definition in Sec. 6045 (c)(1), is expanded to include “any other person who (for a consideration) regularly acts as a middleman with respect to property or services…A person shall not be treated as a broker with respect to activities consisting of managing a farm on behalf of another person.” In turn, the bill defines a “digital asset” as “any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary.