2017 Tax Reform – Changes & What You Need To Know About the Incoming Law

On December 20, the House approved H.R. 1, the ‘‘Tax Cuts and Jobs Act,’’ the sweeping tax reform measure. The Senate had passed the measure, as revised to address some procedural complications, the night before, and the bill will soon make its way to President Trump for his expected signature. While the revised version of the bill carries the title “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for the fiscal year 2018,” this special report refers to the Act by its former and commonly used name: The “Tax Cuts and Job Act.”

Included in the study below:

• TAX RATES & KEY FIGURES
  • New Income Tax Rates & Brackets
  • Standard Deduction Increased
  • Personal Exemptions Suspended
  • New Measure of Inflation Provided
  • Kiddie Tax Modified
  • Capital Gains Provisions Conformed
• CARRIED INTEREST
• LOSS PROVISIONS
• CHANGES TO TAX CREDITS
  • Child Tax Credit Increased

And much more.

Read the Special Report Here on the 2017 Tax Reform: Checkpoint Special Study on Individual Tax Changes in the “Tax Cuts and Jobs Act”

Source: Thomson Reuters Checkpoint