Tax Cuts and Jobs Act: A Summary of Key Components
On December 22, 2017, President Trump signed into law what’s known as the Tax Cuts and Jobs Act. The Act, also sometimes referred to as H.R. 1, contains massive changes to existing tax law the likes of which have not been seen since the Tax Reform Act of 1986. The changes reach far and wide and will impact every individual, nearly all domestic businesses regardless of the type of entity they operate through, many tax-exempt organizations and companies with international operations. Most of the changes take effect on Jan. 1, 2018 but a few provisions have earlier effective dates.
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