Providing Financial Services to Clients
Since 1946

Formerly the Independent Accountants Association of Michigan.


Tax Cuts and Jobs Act of 2017
Major Tax Reform a Reality
MTAP Endorses Great Webinar Updates with Becker!

by Jon A. Hayes, Executive Director
staff@iaam.net

December 22, 2017 –– It is now official. The Republican-controlled Congress has finally passed the Tax Cuts and Jobs Act, major tax reform that substantively redefines individual and business tax code. President Donald Trump signed the legislation into law this morning. The law takes effect on January 1, 2018. It DOES NOT impact Tax Year 2017 or the filings taxpayers make for that year.

The legislation passed strictly along party lines with no Democrats supporting the bill in what the GOP is hailing as its most important action in decades.


Great Handout for Clients . . .

To quickly bring your clients up to date on the new tax law, MTAP has prepared a vey helpful handout you can copy and print or include as a link in electronic correspondence with your clients:

Overview of the Tax Cuts and Jobs Act of 2017
https://www.michigantap.net/docs/Tax_Cuts_and_Jobs_Act_of_2017.pdf


More Background on the New Tax Law

MTAP recommends the following informative analyses from the Journal of Accountancy for practitioner study:

What the Tax Reform Bill Means for Individuals
How the Tax Overhaul will Change Business Taxes

Here's another perspective on how the tax bill could impact you and your clients:

What Trump's Tax Bill Means in One Simple Chart

And here are some more interesting takes on how the massive tax change will be implemented and administered:

Republicans Admit Tax Bill Will Need Technical Corrections
IRS Will Spend Years Trying to Stop 'Gaming of the System'

Finally, here is a nice tax calculator you can use to show clients how the new tax law, brackets, and exemptions could impact their 2018 tax obligations:

Tax Plan Calculator by Maxim Lott


Two Great Tax Reform Act Updates
in Early January from John Stevko!

Great CPE Updates for Just $49 Each!

We know you have questions about the Tax Cuts and Jobs Act. We know your clients will want answers to their tax questions. Get these answers with John Stevko, CPA and national tax speaker, as he presents two new webcasts from Becker Professional Education! 

Understanding the New Tax Law:
$49 | 2 CPE credits
  • Complete coverage of the new legislation
  • Impact on individuals, small businesses, large companies, estates and trusts, international matters and other issues
  • How the law impacts 2017, 2018 and later years
  • What the new law means for the tax practitioner
January 4, 2018 at 11 am EST
REGISTER NOW
https://cpe.becker.com/catalog/product/1408/details?

January 11, 2018 at 11am EST
REGISTER NOW
https://cpe.becker.com/catalog/product/1410/details

The New Law and How to Benefit from it -
Client Planning Opportunities:

$49 | 2 CPE credits
  • Tax planning for business, including choice of entity
  • Creative strategies for individuals and businesses
  • Avoiding the tax traps
  • What to tell clients this busy season
January 24, 2018 at 11am EST
REGISTER NOW
https://cpe.becker.com/catalog/product/1412/details?

January 30, 2018 at 11am EST
REGISTER NOW
https://cpe.becker.com/catalog/product/1414/details

MTAP Busy Planning Education in 2018

There is no doubt this major tax overhaul requires intensive education and training for practitioners, and MTAP has already begun the process of assembling a slate of education programs that will not only teach the new individual and business tax changes, but also show practitioners how to adjust the services they offer to maintain and increase revenue potential.

Look for great programs next summer and fall that are guaranteed to prepare you for the largest tax reform in 30 years!


 
517.641.7505
517.641.4402
IAAM P.O. Box 398 Bath, MI 48808-0398
staff@iaam.net