Year-end 2018 presents challenges and opportunities for tax planning that have not been present before. With 2018 seeing the implementation of the vast majority of the Tax Cuts and Jobs Act (TCJA) provisions, tax professionals will have to be ready to adopt new strategies to assist taxpayers in maximizing tax savings under the new laws. The IRS also released guidance on the new provisions that presents opportunities.
These changes on top of standard year-end planning, and potential legislation, could make for a busy end to 2018. And now, with the mid-term elections in the rearview mirror, and the House flipping to Democratic control with an expanded GOP majority in the Senate, legislative action during the lame duck session and beyond is unpredictable.
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