New Maine Probate Code
The last time we had a major tax overhaul was in 1986 with the Tax Reform Act signed by President Reagan. Although it simplified the income tax code for some folks, it also created complexity for others, not to mention a great deal of work for accountants and tax lawyers who were tasked with interpreting and planning around the new law. Tax professionals (and the IRS) now again have their hands full in interpreting and implementing the newly enacted Tax Cuts and Jobs Act, which took effect on January 1, 2018. To ring in the New Year, we thought it helpful to provide clients with a summary of the new law with a specific emphasis on how it affects your businesses and estate planning. Keep in mind that although the new law is effective now, individuals won’t see any change to their tax returns until spring 2019 (when 2018 returns are filed).
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