Tax Reform Law Gets Mixed Reviews From Financial Planners

“Those passing away after four years and 364 days that could be hit with the full 40 per cent tax on that gift, whereas those living one day longer pay nothing,” says Jo Douglas, financial planner.

While the problems of today’s tax law go far beyond the number of. released some of the details of the tax and the tax reform and the tax cuts, and it has really received tremendous, tremendous.

By Sidney Kess, JD, LLM, CPA. On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy, and create jobs. The tax cuts are projected to cost the government nearly $1.5 trillion, but the long-term impact on the deficit is unclear;

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Tax Reform Law Gets Mixed Reviews From Financial Planners. Financial planners say they’ve seen mixed effects from the Tax Cuts and Jobs Act, with many clients surprised by lower refunds.

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 · In the wake of the new federal tax law, Iowa has done a bit of tax reform of its own. For 2019, the changes are relatively modest: An across-the.

2018 Tax Reform: What You Need to Know. Congress passed sweeping reform to the U.S. tax system, which is expected to be signed into law soon. This legislation is generally effective for tax years beginning after Dec. 31, 2017, with most of the provisions for individuals set to expire after 2025.

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Many of the changes can be applied right now and impact your estimated tax payments for 2018, as well as your general tax planning for the year. Form 3115 is required to elect an accounting method change for existing entities, while new businesses can simply start using an appropriate method under the Tax Act in 2018.

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Of importance to most tax filers is the fact that the new tax law altered the federal income tax brackets, doubled the standard deduction and changed many other tax credits and deductions. The bill, originally known as The Tax Cuts and Jobs Act, didn’t have an easy journey.

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 · Trump signs executive actions to review tax regulations, roll back Dodd-Frank. on the Dodd-Frank Wall Street Reform and Consumer Protection Act of. be for a 180-day review of Financial.