January 1, 2018
Sweeping changes in individual and corporate income taxes are coming in 2018.
For a detailed summary from Iowa State’s Center for Agricultural Law and Taxation click here. This a good synopsis of the many and varied changes that are coming.
One of the many quick calculators is found here. However, it is useful only in very simplistic situations, and therefore lacks accuracy.
The actual text of the bill signed by the President on 12/22/17 is here. This is the law, but the IRS will be writing and amending regulations to enforce this new law. Like all tax law, interpretations and court cases will refine and define the meaning of the law over the years to come. Frequently, further legislation will be passed to correct errors and omissions the tax writers didn’t foresee.
Why is this a “Republican” tax law