When the Tax Cuts and Jobs Act was signed into law, it brought sweeping changes and many questions during it’s first tax filing season. This raises the question, has tax reform been any easier to navigate in year two? MWE tax partner Lance Christensen shines a light on the second filing season under the TCJA in a recent TaxPro Today article.
“Last year was a year of firsts,” said Lance Christensen, a CPA and partner at Margolin, Winer & Evens in New York. “We were implementing the new tax reform for the first time and awaiting guidance from the IRS and from many states. We were identifying new planning opportunities to take advantage of some of the benefits from the tax cuts while also trying to avoid the pitfalls from the tax increases.
As the pandemic and its economic havoc play out, reform may actually fade into the past as one of the simpler changes preparers had to deal with in the first half of this century.
“This year, while we’re still awaiting guidance, we’re more familiar with the changes because we’ve done it before,” he said. Read More >>>