New York (Nov. 6, 2002) -- PricewaterhouseCoopers's new book, "Guide to the New Tax Rules," provides advice for individuals to sort through the current tax rules and plan future tax strategies."The Economic Growth and Tax Relief Reconciliation Act of 2001 is more than a tax cut--it completely changes the rules of the game," said Bernie Kent, partner at PricewaterhouseCoopers and co-author of the new book. "These tax cuts will alter the way people invest their money, save for their children's education and their own retirement, write their wills, and structure their estates."
The guide spells out the implications of the rules affecting 2002 returns and identifies the four major areas of the tax code that are most affected for next year and the years to come: rate reductions, tax credits, and deductions; education reforms; retirement plan changes; and wealth transfer tax changes.
In addition, the book discusses the timing of the rules, since many will be phased in over a decade, through 2010. Some are in effect for only a few years; others don't start until a few years down the line. "Every year each one of us must deal with the tax law as it then exists and try to make the most of it," said Kent. "We have to look ahead to plan our future tax strategies based on what we know in the present."
-- Electronic Accountant Newswire staff
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