New Tax Reform Effective Date?

[zeros]

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

[Rapid Robert]

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.

[ttbtaxes]

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.

[taxea]

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.