Journal article
The Tax Cuts and Jobs Act: Implications for Financial Professionals
Journal of financial service professionals, Vol.72(4)
01 Jul 2018
Abstract
The Tax Cuts and Jobs Act of 2017 (PL 115-97) was signed into law on December 22, 2017, and implements many significant tax changes that will affect all taxpayers. For individual taxpayers, the new law reduces tax rates, broadens tax rate brackets, increases the standard deduction, and modifies or eliminates a number of itemized deductions, including the personal and dependent exemption. For corporate taxpayers, the new law reduces the tax rate to 21 percent and modifies a number of tax provisions. Finally, a deduction for tax years 2018 through 2025 for qualified business income (for pass-through entities) is added by the act. This paper details these tax changes and discusses some related planning opportunities that are most likely to affect financial service professionals' clients.
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Details
- Title
- The Tax Cuts and Jobs Act: Implications for Financial Professionals
- Creators
- Anthony CuratolaJ HardenDavid Upton
- Publication Details
- Journal of financial service professionals, Vol.72(4)
- Publisher
- Society of Financial Service Professionals
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Accounting
- Identifiers
- 991020532005304721