Tax Cuts & Jobs Act

Major tax reform that affects both individuals and businesses was enacted in December 2017 with an effective date of January 1, 2018. This reform is commonly referred to as the Tax Cuts and Jobs Act, TCJA or tax reform. IRS  publication 5307 (Rev. 10-2018) provides information for you and your family to help you understand and comply with your federal tax return filing requirements.

There are 14 pages of the IRS publication 5307 (Rev. 10-2018).  However, here is a summary of the major changes: