2018 Year-End Tax Planning
Tax Cuts and Jobs Act Creates New Planning Opportunities
Year-end 2018 presents challenges and opportunities for tax planning that have not been present before. The Tax Cuts and Jobs Act (TCJA) is the most significant tax legislation in over 30 years. Just about every taxpayer of every type is affected by the changes to the Internal Revenue Code, and action may have to be taken in 2018 to take advantage of lower rates, new tax benefits, and new approaches to entity taxation. However, the TCJA also eliminated many long-standing tax benefits that taxpayers have come to rely upon. So keeping abreast of what has changed and what to expect is more important this year than ever before. The new tax law on top of standard year-end planning techniques could make for a busy end to 2018. And now, with the mid-term elections in the rearview mirror, and the House flipping to Democratic control with an expanded GOP majority in the Senate, legislative action during the lame duck session and beyond is unpredictable.