On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (H.R. 1) amending the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses.
According to the bill’s summary, with respect to individuals, the bill:
Additionally, the summary states that for businesses, the bill:
The final rule is effective on January 1, 2020. For more information, contact the Congruity team of professionals at: 844.247.4100.