The Impacts of Tax Reform

By Amy Pitter posted 04-06-2018 10:56

I know most of you are still heads down, trying to get through this tax season before we start diving into understanding all of the impacts of tax reform. But when you are ready, the Society has loads of CPE training and other resources to support you. There is, however, one impact of tax reform that can’t wait until after busy season: your individual clients’ withholdings may have already been automatically adjusted, and may not reflect their expected tax bill for 2018. Given that we’re one-third into 2018, some taxpayers may be on their way to a nasty surprise come next April. The IRS developed a calculator where taxpayers are asked relevant questions and then provided an estimate of their expected taxes, as well as what their expected refunds or bills would be if they do not adjust their withholdings. So, the adage, “no rest for the weary” is especially true this year as this calculation probably needs to be jumped on before more pay cycles pass. For more information, please visit the IRS Updates page on our website. Hang in there – soon it will feel like spring, the birds will be singing and we will be having a much-needed drink together at our Annual Meeting & Networking Reception!