Tax Reform – Like it or lump it – it’s the law.
Late December 2017, Congress gave the American people the most far-reaching tax code changes since income taxes were first shoved down our throats created. They changed forms, rules, and thresholds. Some cherished provisions were wiped away, and new twists were created. Some changes are “permanent” while others are “temporary.” In my opinion, now that congress has a taste for tax-law tinkering, nothing in tax law will ever be permanent, and I fully expect each new administration – state and federal – to take a swipe at it. Be that as it may, our government is still issuing guidance on various provisions.
And so we begin a series on Tax Reform. Not everything…just the HIGHLIGHTS that impact my people, and just the broad strokes because if you really want all the details, you may as well read all 400 pages of the Tax Cuts and Jobs Act of 2017, and then move on to the hundreds of additional pages of guidance issued (and still being issued) by the Internal Revenue Service.
Most people just want to know what it means in practice, and so that is our focus.