2019 Busy Season
The U.S. Tax Code is incredibly complex and can change rapidly, even though it may sometimes seem to be moving along at a snail’s pace. This complexity has given rise to more calls for simplification, such as in the Tax Cuts and Jobs Act of 2017 (TCJA), the largest tax act since the Tax Reform Act of 1986.
We are often asked how the new TCJA will impact filing season. This Act made the Code simpler in some ways, but more complicated in others. It brought about many personal changes, a few of which are mentioned in DMJ's year-end planning letter. All of these changes are in effect for 2018 filings. With such complexity in the tax code, a CPA is better able to keep abreast of the changes and can prepare taxes in a manner that determines a taxpayer’s minimum legal tax liability. But minimizing tax liability started last week, last month, last year. Tax planning is a constant in today’s complex world. We encourage you to reference DMJ's tax planning letters for both personal and business purposes and, as always, contact us for additional questions and clarifications.
But, above all, we realize that our busy season is also the time of year when taxes and finances are on our minds the most. While we may be busy, we are never too busy to want to hear from you, talk about your finances or concerns, or receive a referral for a client who may need our guidance. Thank you for the trust you have placed in DMJ.