This is but a continuation of our discussion of the changed IRS code, as a result of passing a version of HR-1. The series started last Wednesday or Thursday, where we discussed personal tax provisions of the law. Yesterday, we started on the business taxes. We will continue today- and finish tomorrow.
This is a continuation of our discussion of the final versions of the House and Senate Tax Cuts and Jobs Act (sic) bill. Those are now the law of the land, PL 115-97.
We really needed tax reform. Instead we got HR-1, absurdly labeled as the Tax Cuts and Jobs Act, plus the Senate version of that same bill,. As I promised, they wouldn’t be passed as proposed (that would have been EVEN worse, they have been reconciled. And , TheDonald has signed the final version, so it’s the law of the land. PL 115-97.
I’m sure you realize that I will be updating the information on the new tax laws soon. I haven’t decided if I will rewrite the 9 blogs that covered the House and Senate version or just “X” off the parts that didn’t make it to the signed version. (I’m leaning towards the latter- with only two or three posts to cover the individual and business tax provisions.)