President Donald Trump signed the $1.5 trillion tax overhaul into law on Friday, December 22, 2017. Starting next year, the new law will give big cuts to corporations and wealthy Americans and more modest reductions to other families. Trump continued to pitch it as a win a for the middle class, insisting that even though polling indicates the tax cut is unpopular, “the numbers will speak” for themselves. The new law marks the largest change in US Income tax laws since 1986, but far from the biggest in American history, as the president repeatedly claims. Nonetheless, practitioners need to know what’s in it, and how it affects your bottom line and your client’s bottom line. The first major overhaul of the nation’s tax laws since 1986 could add $1.5 trillion to the national debt over the next decade, according to the Congressional Budget Office.
Articles and Publications
- Understanding the IRS’s New Approach to Gifts Made to Irrevocable Trusts | JDKatz, P.C. | Estate Planning Attorneys in Maryland
- Designating IRA Beneficiaries & Using Trusts as Beneficiaries of IRA’s | JDKatz, P.C. | Maryland & Washington D.C. Estate Planning Attorneys
- Estate Planning Practice 101 | JDKatz, P.C. | Montgomery County Estate Planning Attorneys
- Understanding the Tax Cuts & Jobs Act (TCJA) of 2017 | JDKatz, P.C. | Bethesda, MD Tax Attorneys
- The Stretch IRA Trust –from Conundrum to Opportunity
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