The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. There were many gaps in the legislation due to the rush to get it passed. So, there will likely be a technical corrections bill passed by Congress and the IRS will need to issue regulations based on the bill later this year. However, here's a look at some of the more important elements of the new law that have an impact on individuals and businesses. Unless otherwise noted, the changes are effective for tax years beginning in 2018.
To understand how these changes may affect your specific tax situation, please call us at 417-881-6919 to set up a meeting with your advisor.