This $2 trillion federal economic aid package is intended to provide relief to individuals and businesses who are suffering. It contains many tax breaks, as well as opportunities for small business loans.
In addition to time off and connecting with family and friends, the end of the year brings important tax planning opportunities. In context of the new tax law, we explain a few strategies and give an update about what’s happening at the IRS.
This major tax reform will benefit corporations and the mega-wealthy beginning in 2018. For many individuals, the new law will add complexity. Many of the new provisions expire after December 31, 2025, at which time tax rules revert back to 2017 law. We’ve compiled a list of the provisions that will likely affect our individual clients. Stay tuned for new tax strategies that will emerge from these rules.