News / Article

IRS Releases New Publication 5307 on Tax Reform

Source: - Nov 6, 2018

Extra, extra, read all about it!

Are your clients clamoring for more information about the Tax Cuts and Jobs Act (TCJA), the massive tax reform legislation enacted just before the start of this year? Now they can find out all they need to know in new Publication, 5307, Tax Reform Basics for Individuals and Families. This is part of the IRS’ efforts to assist taxpayers with the 2018 tax returns they will be filing next year (IR-2018-209, 10/30/18).

The TCJA has resulted in the biggest overhaul of the tax code in decades. Although the new law completely revamps the tax rules for both individuals and businesses, the changes for individuals generally take effect in 2018 and are then scheduled to vanish after 2025. Conversely, most of the provisions relating to businesses in the new law are permanent.


Category: General Business