{"id":11447,"date":"2017-12-22T14:33:04","date_gmt":"2017-12-22T20:33:04","guid":{"rendered":"http:\/\/taxprocenter.proconnect.intuit.com\/?p=11447"},"modified":"2018-02-21T18:42:47","modified_gmt":"2018-02-22T00:42:47","slug":"lower-tax-rates-under-tax-reform-bill-what-tax-practitioners-need-to-know","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/lower-tax-rates-under-tax-reform-bill-what-tax-practitioners-need-to-know\/","title":{"rendered":"Lower Tax Rates Under Tax Reform Bill: What Tax Practitioners Need to Know"},"content":{"rendered":"

The new tax reform bill overhauls the Internal Revenue Code and provides broad tax relief to workers, families and businesses of all sizes. Tax rates are lowered for individual taxpayers and businesses, taxed deductions and credits are increased, and various tax deductions and credits are eliminated or reduced. A typical family of four earning $73,000 a year could receive a tax reduction of as much as $2,000. Congress has passed legislation, and the President is expected to sign the bill into law. Most of the provisions contained in the tax reform bill apply to tax year 2018 (the taxes filed in 2019) and future years up to Dec. 31, 2025.<\/p>\n

Tax professionals may consider looking at their clients\u2019 individual tax situations and crunch the numbers to determine if income tax withholdings and estimates need to be revised for 2018. Please review more detailed explanations of the rules and exceptions to the tax reform bill.<\/p>\n

Here is a breakdown of some of the major provisions in the new tax bill and how they may impact your clients:<\/p>\n