What Effect is the New Tax Law Going to Have on Me?

A Message from the President, June, 2018

Brian Thompson, CPA NSA President 2017-2018

The most common question from clients during this tax season was, “What effect is the new tax law going to have on me?”  What has been clear to me in talking with our members, as well as my own clients about the new tax law, is that each client had to be reviewed separately.  There was not a one-size fits all or a cookie cutter approach you could use to answer that question because of the multitude of changes and their being so many variables.

Surveys show that there are many taxpayers who are confused about the new tax law, the Tax Cuts and Jobs Act.  I’ve talked with many of my clients throughout this past filing season who really had no idea how they are going to be affected under the new tax law this year prior to their appointment.  Clients have said they’ve heard so many different stories in the media that they didn’t know whether their taxes are going up or down.

Much of the confusion has been amplified from news reports reporting that income taxes will increase in future years, combined with reports from states around the country that their state income tax deductions will be limited, and that there are other types of deductions that are being eliminated or will become less of a tax benefit under the new law.  The result is that clients have heard stories about tax increases, but also hear words “tax cuts”, so consequently they are a little more than confused.   So now we, as professionals, have the task of trying to help our clients understand the new tax law and how they will be individually affected.

As professionals, we have our job cut out for us this year trying to educate ourselves, our clients, and to make sure we are all prepared for next filing season.  Of course before we can help our clients, each of us needs to make sure we understand the new law.

NSA will have multiple opportunities throughout the year for you to get education regarding the Tax Cuts and Jobs Act.  We will have several webinars scheduled which will focus on various aspects of the new law including a live seminar which will be held at our Annual Convention in Minneapolis, Minnesota.  In addition, our Affiliated State Organizations around the country will have seminars on the topic all throughout this year.  Because there are so many changes and things you need to know, I encourage you to attend our seminars and study the new law so you’ll be prepared and able to help your clients.

I hope you will make plans to attend the NSA Annual Convention and Leadership Networking Conference in Minneapolis on August 23-25, 2018.  Registration is now available on the website.  We have an informative program planned on a variety of topics which include education on cybersecurity issues, protecting your computer systems, the new tax law, helping clients in their retirement years, leadership networking, information about legislative issues, NSA business and election of officers.

At the annual convention this year, we plan to offer something brand new for those of us who prepare financial statements.  We will have experts on hand that specialize in knowing what financial statements should look like, what should be in the accountant’s reports, and what note disclosures should be included.  We all desire to do quality work and this confidential and personalized service will be beneficial for anyone who prepares financial statements for their clients.  This valuable critique will be helpful to assist you in knowing what changes or updates you may need in order to meet accounting standards or even suggestions to pass peer review.  While there will be a nominal fee for this service, it will be well worth the one-on-one input you’ll receive.  So plan to bring a copy of one or two of your financial statements to the convention to have the experts give you some quality feedback.

I hope you have a wonderful and relaxing summer.

 

 

Brian L. Thompson

NSA President

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