Tax Cuts and Jobs Act & Financial Planning Software Updates
The Tax Cuts and Jobs Act (TCJA) was signed into law December 22nd. Tax law changes take effect January 1, 2018. A majority of the tax law changes applying to individuals are not permanent and are scheduled to sunset after 2025, reverting to the law in effect prior to the TCJA. The major changes to individual tax planning stemming from the new tax legislation are included below. Details of the tax laws can be found by reading the final bill and the Joint Explanatory Statement of the Committee of Conference.
The new legislation requires significant changes to the tax calculations in Money Tree's financial planning software, impacting the timeline for the 2018 tax update. The tax changes are the top priority for the software and development is underway.