Major provisions of the new tax legislation

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Major provisions of the new tax legislation

by Bill Bodnar, CPA, MST​, Tax Director

The Tax Cuts and Jobs Act was signed by President Trump on December 22, 2017. The Act represents the most comprehensive change to the Internal Revenue Code since 1986. There have been a number of changes affecting all taxpayers, and to assist in identifying those which may impact you, we have put together a summary of the major provisions from the new legislation. Generally, most of these changes will become effective in 2018.

The new legislation will produce both opportunities and drawbacks that differ from taxpayer to taxpayer. Many of the specific rules for implementing the new laws will require further guidance from Treasury, which will be issued in 2018. We certainly understand that each taxpayer is unique, so we look forward to working individually with each of our clients to ensure the proper treatment of these new rules and to implement the most advantageous tax approach. Please feel free to contact us at H2R CPA with any follow-up questions or insight that may be of interest to you.

Highlights and some details of the new law are provided in the attached letter.

Contact H2R CPA at 412-391-2920 or for additional details or interpretation related to the Tax Cuts and Jobs Act, as needed. Our tax team members would be pleased to assist you with your tax planning.