Insight

Biggest tax bill in 30+ years redefines tax landscape.

On December 22, 2017, the most sweeping tax legislation since the Tax Reform Act of 1986 was
signed into law. The Tax Cuts and Jobs Act of 2017 (TCJA) makes small reductions to income tax rates for most individual tax brackets and significantly reduces the income tax rate for corporations. It also provides a large new tax deduction for owners of pass-through entities and significantly increases individual alternative minimum tax (AMT) and estate tax exemptions. And it makes major changes related to the taxation of foreign income.

It’s not all good news for taxpayers, however. The TCJA also eliminates or limits many tax breaks, and much of the tax relief is only temporary.

Here is an overview of some of the key changes affecting individual and business taxpayers.

There is an update to the language on the 2018 estate tax exemption based on the IRS’s recent release of 2018 inflation adjustments.

Tax Cuts & Jobs Act Overview * Updated

TIME FOR PLANNING

We’ve only briefly covered some of the most significant TCJA provisions here. There are additional rules and limits that apply, and the law includes additional provisions. As with any piece of massive legislation, many questions about implementation and impact linger unanswered. We’ll keep you apprised as more information becomes clear about how the TCJA will affect individual and business taxpayers.

In the meantime, please contact us if you have questions about how the TCJA may affect you or your business. As the largest overhaul of the tax code in more than three decades, the TCJA requires proper planning to minimize any negative impact and maximize available tax benefits.

Related Insights

How will the changes to the SALT deduction affect your tax planning? | tax preparation bel air | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

How will the changes to the SALT deduction affect your tax planning?

The One Big Beautiful Bill Act (OBBBA) shifts the landscape for federal income tax deductions for state and local taxes (SALT), albeit temporarily.…
Is college financial aid taxable? A crash course for families | tax preparation in bel air md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

Is college financial aid taxable? A crash course for families

College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for…
Trimming your nonprofit’s meeting and fundraiser budgets | accounting firm in harford county md | Weyrich, Cronin & Sorra

Non-Profits

Trimming your nonprofit’s meeting and fundraiser budgets

Whether you’re planning an off-site retreat for board members, a luncheon for potential corporate funders or a formal fundraiser, you likely…

Connect with us

Use the form below to send us an email. WCS responds directly to all inquiries and general questions within 24 hours of posting.

This contact form is deactivated because you refused to accept Google reCaptcha service which is necessary to validate any messages sent by the form.