He calls it the “The CPA Retirement Act” but it is officially known as “The Tax Reform Act of 2017”. Bob Sheeley, CPA, described some of the changes implemented by the new tax laws that will affect 2018 tax returns. These include a higher standard deduction amount and a simplified Schedule A, which will result in fewer taxpayers being able to itemize deductions. A cap of $10,000 now exists for the deduction of sales and property taxes and significant changes were made to “miscellaneous deductions”. When Bob wants to question the IRS about a particular provision, he expects to wait 4-5 hours on the phone before being able to talk to a live representative. It all adds up to extra time and income for his retirement account. 

March 5 2019.Exchange