This past year was a landmark year for changes in the tax laws with the passage of the new Tax Cuts and Jobs Act as well as the promulgation of rulings from the IRS that got less attention in the press but will have significant impact. This letter will provide an overview of those changes, with a special emphasis on the areas most likely to be of interest to our clients.
Most of these law changes are temporary, meaning the rules “sunset” after several years (seven to ten years, in most cases). We have not included the sunset dates in this letter, as almost all tax rules can be viewed as transitory nowadays. A change in control of Congress or the White House will likely cause a change in many of these rules long before the sunset dates arrive. We will alert you to those changes as they occur with future updates.
This letter was prepared by Brian Gourlay, one of our tax partners. In return for taking on this task we agreed to let him insert the occasional editorial comment. All opinions stated are solely his and do not necessarily reflect the opinions of the other partners or our staff.
To view the entire text of the letter, please click the link below.