Tax Reform Law Gets Mixed Reviews From Financial Planners

Dec 2 – Senate passes tax reform bill: Modifications made on Senate floor. Nov 30 – Explanation, macroeconomic estimate of reconciliation (tax reform) bill in Senate. Nov 29 – KPMG report: Tax reform proposals, implications for banking and capital markets. Nov 28 – Senate Budget Committee votes to send tax reform bill to Senate floor

Tax legislation changes quickly and it’s easy for your clients to fall behind. Intelligently devise strategies to help them get ahead of the next few years’ tax filings. Updated throughout the year with new regulations, Thomson Reuters Planner CS tax planning software makes it easy for you to provide thorough insights to your clients.

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Weekly issues of "Weekend Reading for Financial Planners" by Michael Kitces of. have gone further in its title reform efforts under Regulation Best Interest.. to the budget legislation that Congress must pass by the end of September, and. shift in tax policy in the U.S. will have substantial impact for many advisors' clients .

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The American Taxpayer Relief Act of 2012 (ATRA) and net investment income Tax (NIIT) have added more complexity to planning given that you now have to navigate through a multi-layer tax system in conjunction with running multi-year scenarios to gain a clear picture of the tax landscape in order to advise your clients on virtually all of their personal financial planning decisions. cpa financial planners now have an unprecedented opportunity to demonstrate their value to clients by providing.

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Understanding tax reform is critical for financial planning. The new law is estimated to reduce federal taxes for individuals by an average of 8%, according to the Joint Committee on Taxation. The average tax rate is projected to fall to 19% from 20.7%. Because Congress used the reconciliation process to pass the bill,

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On 19 December 2017, the President signed into law package 1 of the Tax Reform for Acceleration and Inclusion ("TRAIN") bill or Republic Act ("R.A.") No. 10963. The law contains amendments to several provisions of the National Internal Revenue Code of 1997