President Donald Trump’s new tax law has resulted in significant tax changes. These changes apply to tax years 2018 through 2025. Without Congressional intervention, these changes will end.
The Tax Cuts and Jobs Act of 2017 has changed a number of income tax provisions. As a result, it may be wise to review your income tax planning strategy. Four specific changes to the tax code that may trigger an update to your plan include:
The Internal Revenue Service (IRS) has attempted to simplify the process used to audit partnerships. As discussed in a previous post, the rules that govern partnership audits changed as of January 1, 2018. However, the IRS does not require all partnerships to follow these new rules.