Tax Reform Update: The New Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act is the largest tax overhaul since the Tax Reform Act of 1986, and there are numerous and significant changes. The changes generally go into effect for tax years beginning after December 31, 2017, and most changes affecting individuals sunset on December 31, 2025. Lawmakers have promised to extend the provisions before the expiration date. A high-level summary of the changes for the taxation of individuals and businesses outlines what these changes mean for you.