ProfessionalTaxSoftwareReviews.com reveals common concerns shared by Tax Professionals in regards to the Tax Cuts & Jobs Act

Just a few days before last Christmas, congress gave the ‘okay’ for the carrying-out of the TCJA.  The new law has become one of the most significant changes to the US tax administration in quite some time.  Many tax professionals are having a hard time coping with not only the time-frame of these changes, but also the guidance available as to understanding possible complexities.

With many questions unanswered, professional tax preparers may feel overwhelmed or inadequate in being able to properly offer tax planning advice to individual clients and/or business owners.  The law being so vast and passed so quickly, initially it seemed that the tax administration did not have the time to provide documentation on the new information for the new tax returns. In response to these concerns, the IRS has been issuing more information to help keep taxpayers and tax professionals alike more informed.

Just this week, the IRS has issued new draft Schedules for the public to view on the IRS website.  The draft Schedules give an accurate breakdown of the new Form 1040 as well as the several attachments that may be required depending on the taxpayers overall situation.  There are numerous other updates available on the IRS website as well since the TCJA has been passed.

It is vital that professional tax preparers continuously check the IRS website for further updates and moreover advise their clients accordingly as information becomes available.

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