Tax season 2018 has come and gone. Being the first following the enactment of the sweeping Tax Cuts and Jobs Act, it was one for the accounting history books.
Here’s a few things we learned:
- This act may be the exact opposite of tax simplification.
- Sure, the new 1040 is postcard sized … if you don’t count the six new schedules.
- And you can never drink enough coffee.
While complicated, the Tax Cuts and Jobs Act provided a lot of new tax benefits to businesses, especially those that conducted tax projections and planning.