The Financial Flipside Podcast Episode 7

In today’s episode, your hosts issue a joint mea culpa…about the Tax Cuts and Jobs Act. In our most recent episode on tax reform, we expressed doubt that the bill would become law, largely because of how far apart the House and Senate bills were. You can imagine our surprise when Congress actually managed to pass its first major piece of legislation by the end of 2017. We are  already starting to the see the effects in the form of new W-4 forms and a new withholding calculator, and  the IRS continues to provide updates and guidance as new rules are established. We won’t be able to assess the real impact of the new tax law until after tax season (you can definitely expect a follow-up  episode), but in the meantime, we outline the key features of the law and speculate about the impact of  the TCJA for business and individual taxpayers, both in terms of liability and in terms of the wider social repercussions that always accompany changes to the tax code. Join, us won’t you?

Mentioned on the show:

Impacts on Individuals (general and self-employed)

 

How the tax bill will affect different types of small businesses

 

              The Tax Cuts and Jobs Act removed the individual mandate for health insurance established under the Affordable Care, but for 2018 at least, businesses and individuals are still required to report on health insurance coverage for tax purposes.

 How the TCJA may impact nonprofits

If you are a business or nonprofit tax payer who would like to learn a bit more about the effects of tax reform on your company or organization, you may want to take a look at this webinar from SCORE or this one from accounting firm BDO’s Nonprofit Division. Both are previously recorded, so you can listen to them at your leisure.