The Tax Cuts and Jobs Act

Guest Column By:

By Gordon F. Moore
Partner, Archer Law


(Click here for printable PDF)

The new tax bill was signed into law by the President on December 22. Unless noted otherwise, the changes apply to tax years beginning after December 31, 2017. Click on each title below to view a complete description of the changes for each topic. 

Changes Affecting Individuals

A.   Tax Rates Generally
B.   Personal Exemptions and Itemized Deductions
C.   Credits
D.   New Deductions and Special Income Items
E.   Education
F.   Miscellaneous Individual Tax Issues
G.  Estate and Gift Taxes

Changes Affecting Businesses

H.  Expensing and Deprecation
I.   Deductions and Exclusions
J.  Accounting Method Changes
K. 
Other Changes

Changes Affecting Partnerships

Changes Affecting S Corporations

Changes Affecting Tax-Exempt Organizations

Changes Affecting Electing Small Business Trusts

Changes Affecting Retirement Plans

Bond Provisions

We hope this is helpful.  We realize some of this is of a more technical nature, but we've tried to present a summary of the Act to a broad range of readers.

 

If you have any questions, do not hesitate to contact Gordon F. Moore, who chairs our Tax Group, or any member of the Tax Group at Archer.

 

DISCLAIMER: This client advisory is for general information purposes only. It does not constitute legal or tax advice, and may not be used and relied upon as a substitute for legal or tax advice regarding a specific issue or problem. Advice should be obtained from a qualified attorney or tax practitioner licensed to practice in the jurisdiction where that advice is sought.