In today’s episode, your hosts issue a joint mea culpa…about the Tax Cuts and Jobs Act. In our most recent episode on tax reform, we expressed doubt that the bill would become law, largely because of how far apart the House and Senate bills seemed to be. You can imagine our surprise when Congress actually managed to pass its first major piece of legislation by the end of 2017. We are already starting to the see the effects in the form of new W-4 forms and a new withholding calculator, and the IRS continues to provide updates and guidance as new rules are established. We won’t be able to assess the real impact of the new tax law until after tax season (you can definitely expect a follow-up episode), but in the meantime, we outline the key features of the law and speculate about the impact of the TCJA for business and individual taxpayers, both in terms of liability and in terms of the wider social repercussions that always accompany changes to the tax code. Join, us won’t you?
Also, we’d like to hear what you have to say—are you more concerned about filing your taxes this year than you were last year? If you have already filed, what was your experience? Leave us a comment below or tweet us @financeflipside! As always, all of our previous episodes are located here , or you can subscribe on Apple Podcasts or Google Play. If you like what you hear, we’d love it if you left us a rating and/or review!
Mentioned on the show:
Impacts on Individuals (general and self-employed)
How the tax bill will affect different types of small businesses
The Tax Cuts and Jobs Act removed the individual mandate for health insurance established under the Affordable Care, but for 2018 at least, businesses and individuals are still required to report on health insurance coverage for tax purposes.
How the TCJA may impact nonprofits
If you are a business or nonprofit tax payer who would like to learn a bit more about the effects of tax reform on your company or organization, you may want to take a look at this webinar from SCORE or this one from accounting firm BDO’s Nonprofit Division. Both are previously recorded, so you can listen to them at your leisure.
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