A Message from the President, February, 2018
For the times they are a changin’ – These are fitting words from a song by Bob Dylan especially since passage of new tax reform legislation. What began as legislation for tax simplification and possibly to put tax preparers out of business, turned out to be job security, at least based on the number of client phone calls we’ve had to answer over the last month.
The most talked about change has been the passage of the 2017 Tax Cuts and Jobs Act which was signed into law in late December by the President. This tax legislation represents the most substantial change in taxes in the last 30 years. It includes dramatic cuts in the corporate tax rate, a new deduction for pass-through entities, increases in the standard deduction and child tax credits, the elimination of the personal exemption and changes in AMT and a host of other changes in deductions and credits. While most of the provisions in the new law are set to begin in 2018, clients have been calling asking how they are going to be affected by the changes. As we struggle to get through this filing season, the questions are likely going to continue.
You may find that you have questions of your own about the new tax law, or perhaps other issues regarding your client’s tax returns and strategies as you work through the filing season. Tax Talk is a valuable member benefit where you can post your questions and receive some great feedback from knowledgeable members willing to share their expertise to help other members. This is one of NSA’s most widely used member benefits and I invite you to check out the Tax Talk community available on MemberConnect.
I’m excited about a brand NEW community available to our members that is specifically designed to help you with accounting questions you may have. This new NSA community in MemberConnect is called the “Accounting Talk” and operates similar to Tax Talk but is designed for the purpose of helping members with accounting related questions and issues. Whether you are preparing financial statements for the year end, getting ready for peer review, have practice management questions, or need feedback about how to record a transaction, Accounting Talk is a wonderful new member benefit that will be a valuable tool for you. Check it out and post a question and or read the questions posted by others.
You can get to the new accounting community by clicking on the following link or accessing it in your list of communities on MemberConnect.
Best wishes on a successful filing season.
Brian L. Thompson