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) recently announced the Offshore Voluntary Disclosure Program (OVDP) is coming to a close. The program began in 2009 and modified versions have been used since its inception. It offers United States taxpayers the ability to voluntarily report foreign assets and come into compliance with applicable tax obligations.
Changes to tax law can impact one's current and future tax obligations and financial planning strategies. As a result, it is wise to have a basic understanding of the impact of tax reform.