Legislative changes and other tax concerns that may affect planning...
This guide reflects the tax considerations and developments that we believe may create risk or opportunity for businesses in 2018 and beyond. It is not a holistic list of all tax issues that may affect your business, but it is designed to help you make informed decisions related to year-end tax planning.
The end of 2017 was filled with uncertainty as Congress worked on significant tax law changes, finalized and signed into law H.R. 1 (PL 115-97) on Dec. 22, 2017, commonly known as the Tax Cuts and Jobs Act (TCJA). As the end of 2018 approaches, taxpayers are still waiting on administrative guidance for some measures passed into law as part of the TCJA, while Congress considers additional changes under Tax Reform 2.0.
Even though taxpayers anticipate administrative guidance or legislative changes to eliminate uncertainty, action may be required before year-end to fully take advantage of benefits or mitigate unintended consequences enacted as part of the TCJA.
The following is a list of major tax law changes enacted as part of the TCJA that impact 2018 and beyond:
Additionally, in response to changes in federal tax law, 2018 has brought about significant changes at the state and local level as states move to conform or decouple from these changes.
We have compiled to these guides to help companies make informed decisions related to year-end tax planning. In a year with many changes, many introducing additional complexities, planning becomes all the more important. Contact us anytime for further assistance at (209) 230-9015