Tax Reform Law Gets Mixed Reviews From Financial Planners

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.

That includes financial advisors, tax advisors, lawyers, accountants and family members," said Ray Radigan, head of private trust at TD Wealth. Tax reform, meanwhile, is getting mixed reviews from.

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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.

Since 1986, the last time a major tax overhaul became law, the body of federal tax law-broadly defined-has swollen from 26,000 to 70,000 pages, according to the House GOP’s 2016 reform proposal.

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International Taxes Become More Complicated with Required Calculation of Transition Tax on Offshore Earnings. The act may be touted as a simplification for individuals. For the wage earner who reports almost all tax return items are reported to the IRS on a W-2, 1099, or 1098 for mortgage interest, that’s probably true.

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Set to take effect on January 1, 2019, the plan places the responsibility of calculating and collecting social insurance premiums solely with the tax bureau. Professional advisors. gets older, the.

The Tax Adviser-the magazine of planning, trends, and techniques-reports and explains federal tax issues to tax practitioners. This site uses cookies to store information on your computer. Some are essential to make our site work; others help us improve the user experience.

"It wasn’t in my planning," said Allen. "I think it’s reasonable to have taxes in a country as wonderful as this one. But I don’t always like paying them." Allen is among many U.S. shareholders who.

As the year winds down, Congress has been feverishly working to pass its final tax bill, the "Tax Cut and Jobs Act." With the passage of the bill in both the House and Senate this week, the signing of the bill by the President will enact into law the most significant reform of the individual and corporate tax structures since 1986.