There were a number of important tax developments in the third quarter of 2017. This article will keep you and your clients up-to-date on those key tax developments. The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood.
President Trump and key lawmakers reveal tax reform plan. The Trump Administration and select members of Congress have released a "unified framework" for tax reform. The document provides more detail than a number of other tax reform documents that have emerged from the Administration over the past few months, but it still leaves many specifics to be worked out by the tax-writing committees (i.e., the House Ways and Means Committee and the Senate Finance Committee).
Plan provisions affecting individuals would:
- Increase the standard deduction to $24,000 for married taxpayers filing jointly, and $12,000 for single filers;
About Thomas M. Long
Thomas M. Long is managing editor for the Federal Tax News Group with Thomson Reuters Checkpoint within the Tax & Accounting business of Thomson Reuters. He is a member of the New Jersey and New York bars, with more than 30 years in tax publishing. Thomas is a federal tax generalist who is primarily responsible for writing daily tax news articles for Federal Taxes Weekly Alert. He holds a Bachelor of Arts in English literature from Rutgers University, a J.D. from New York Law School, and an LL.M. in taxation from New York University.