In December 2017, the US Congress passed the “2017 Tax Cut and Jobs Act” (the ‘Act’) and it was signed into law on December 22, 2017. This Act will be one of the largest overhauls of the US Tax Code in history, with substantial changes to tax brackets, exemptions, deductions and several other areas.
As I read through the Act (1,097 pages!), and other online analysis, I’ll summarize what I find and include postings here. Please be patient as there is a lot to process and figure out.
Please note that there will be a number of ‘Technical Corrections and Clarifications’ to the Act, just as there is to just about any change in tax laws. Often, the changes do not address specific issues or unintended consequences that may arise as a result of changes in the tax code. I’ll include as many of these Technical Corrections as I can.
For those of us who remember the 1986 Tax Reform Act (I was about half-way through my college studies back then), you’ll remember it took about a year to get clarity on many parts of the tax changes and the impact on taxpayers (consumers & business alike) so don’t be surprised when additional items may be added or changed.
Thomas C. Hodge, CPA
Hodge Group LLC
3943 N. Austin Avenue
Chicago, IL 60634