{"id":11467,"date":"2018-01-03T13:00:43","date_gmt":"2018-01-03T19:00:43","guid":{"rendered":"http:\/\/taxprocenter.proconnect.intuit.com\/?p=11467"},"modified":"2021-10-21T15:08:56","modified_gmt":"2021-10-21T20:08:56","slug":"embracing-tax-reform-how-to-provide-more-value-to-clients-and-attract-prospects","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/embracing-tax-reform-how-to-provide-more-value-to-clients-and-attract-prospects\/","title":{"rendered":"Embracing Tax Reform: How to Provide More Value to Clients and Attract Prospects"},"content":{"rendered":"

The newly signed Tax Cuts and Jobs Act<\/a> overhauls the Internal Revenue Code and provides broad tax relief to workers, families and businesses of all sizes.<\/p>\n

Tax rates are lowered for individual and business taxpayers, 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. Most of the provisions contained in the tax reform bill apply to tax year 2018 and future years up to Dec. 31, 2025.<\/p>\n

There is a bundle of tax law provisions, such as the tuition and fees deduction and mortgage insurance premiums treated as residence interest, that expired at the end of tax year 2016. Congress is expected to extend these measures for tax year 2017.<\/p>\n

Implications to your Tax Practice<\/strong><\/p>\n

Tax professionals are subject matter experts and should quickly get up to speed on the legislation and the impact on their individual and small business clients. Although most of the legislation applies to tax year 2018, taxpayers should be made aware of these changes as the calendar turns to 2018.<\/p>\n

Tax professionals should consider turning the vital tax law measures into layman\u2019s language and communicating the material to clients and prospects. This can be a service to existing clients and an avenue to grow one\u2019s tax practice by educating prospects. Various methods of communication may include: social media, newsletters, information posted on website, setting up appointments and conducting presentations.<\/p>\n

During the course of the tax year 2017 engagement (January \u2013 April 2018), practitioners could consider providing tax year 2018 planning services for their clients. Tax professionals will want to look at their clients\u2019 tax situations and determine the impact the tax reform measures have. Consequently, adjustments may need to made to income tax withholding for individual clients and estimates for small business clients, accordingly.<\/p>\n

Top Individual and Family Measures<\/strong><\/p>\n