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    New Tax Reform Effective Date?

    Not sure if congress will get anything done but if they do, would these changes be for the 2017 return?

    #2
    Originally posted by zeros View Post
    Not sure if congress will get anything done but if they do, would these changes be for the 2017 return?
    Sure, why not? The IRS and all our software vendors wouldn't have any problem with that, right? But it would mean the ten-year clock for budget reconciliation purposes would start one year sooner.
    "You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard

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      #3
      I would highly doubt the rates and brackets, along with standard deduction and itemized deductions changes, would affect 2017 returns. The itemized deductions are transactional and you don't usually see tax law changes which are retroactive when involving the timing of a transaction. Rates changes are sometimes retroactive (Bill Clinton) but I suspect any new laws would impact 2018.

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        #4
        Originally posted by ttbtaxes View Post
        I would highly doubt the rates and brackets, along with standard deduction and itemized deductions changes, would affect 2017 returns. The itemized deductions are transactional and you don't usually see tax law changes which are retroactive when involving the timing of a transaction. Rates changes are sometimes retroactive (Bill Clinton) but I suspect any new laws would impact 2018.
        They have done it before....they can do it again.
        Believe nothing you have not personally researched and verified.

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