The long-awaited tax reform bill, the "Tax Cuts and Jobs Act of 2017," was signed into law in December 2017. In this update, we highlight important aspects of this legislation related to all taxpayers and review the impact it will have on individual investors and business owners. We also discuss some of the planning issues to consider given these changes.
- Highlights of the tax law changes, their impact, and planning considerations that affect taxpayers across various levels of wealth and income.
- Most of the provisions are effective in 2018, with a number set to expire in 2025. When making decisions based on these provisions, it is important to work with your Abbot Downing team, accountant, and attorney to make well-informed and thoughtful decisions.