Recent tax reform

What is the new tax reform? How does the new tax reform law affect you? The IRS is working on implementing this major tax legislation that will affect both individuals and businesses. We will provide information and guidance to taxpayers, businesses and the tax community as it becomes available.

The new tax reform law made changes that affect every taxpayer. These were due in April unless you got an extension. It’s best to review the changes that impact you and your family before you complete your return.

No one knows tax reform better or gets you more than Block. Making sense of tax law changes is not new to us. With over years of experience on your side, you can be sure you’re getting every credit, deduction and dollar you deserve. The majority of the new tax law’s changes went into effect Jan.

TaxAct is up-to-date with the latest tax laws so you can file your return with the ultimate peace of mind. Married couples filing jointly see an increase from $17to $2000. That’s the amount a taxpayer used to be able to deduct from their taxable income for themselves and any dependents claimed on their tax return. Child Tax Credit Rises. The tax reform bill also introduces a new $5credit for non-child dependents.

Candidates running for public office like to say they will not raise taxes, but often turn their backs on the taxpayer once elected. Get the latest info on tax law changes and connect with tax experts on demand that can answer your tax reform questions. The latest economic indicators show that less than a quarter into the new tax code, tax reform is working.

Single filers can take a standard deduction of $100 and married couples filing jointly can take $2000. Tax Reform 101: The standard deduction has doubled. While the journey to major U. Check back here frequently for ongoing insights about U. KPMG LLP (KPMG) to help make staying abreast of developments easier. The legislation heavily targeted real.

President Trump recently signed the tax reform bill into law, and it makes major revisions to the U. In fact, the bill represents the most significant tax changes in the United States in more than years. Wednesday that slashes rates for corporations, provides new breaks for private businesses and reorganizes the individual tax code. Congress approved a sweeping $1. FOX Business’ Blake Burman contributed to this report. Major shifts in tax policy, such as the enactment of US tax reform, are prompting executives to take notice of a new journey.

More than assessing recent tax policy changes over the past several years, leaders need to recognize the current state of uncertainty and the potential for fundamental change. Executives should consider how upcoming tax events could have a significant impact on broader business goals and an organization’s ability to remain competitive. The highest tax bracket is now for big earners.

Other changes include cutting the rates of income tax , doubling standard deductions,. H ere is a brief list of what changes. Impact of the Tax Cut and Jobs Act on Sec.

It is a complex modification to the Internal Revenue Code that will take some time to fully understan notwithstanding that it became effective just nine days after signing. For heads of households, the deduction will be $100 up from $550.