Highlights of the Tax Cuts and Jobs Act

© 2017, 2018 by Michael Gray, CPA
January 4, 2018

Congress passed the Tax Cuts and Jobs Act on December 20, 2017 and President Trump has approved the legislation.

My printout of the Act and Committee Reports is 1097 pages. I can't tell you all of the details. It's going to take some time to sort them out. There were a lot of changes to the legislation in Congressional bargaining, so there will be a lot of confusion about what the changes are. What wasn't included is almost as important as what was included.

The impact of the changes for taxpayers will have to be determined on a case by case basis.

Mostly effective after 2017 and expiring after 2025, key changes for individuals include:

Mostly effective after 2017, some of the "permanent" changes relating to businesses include:

Tax changes relating to tax exempt entities and foreign subsidiaries are beyond the scope of this summary. See your tax advisor for details.

The estate tax was NOT repealed. The lifetime exclusion amount is increased from $5 million, indexed for inflation, to $10 million, indexed for inflation after 2011, for estates of decedents dying and gifts made after December 31, 2017 and before January 1, 2026.

Remember, this list isn't complete. See your tax advisor for more details.

Again, this list isn't complete.

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