Thomson Reuters has introduced the Checkpoint Tax Cuts and Jobs Act Toolkit to help accounting firms advise clients about the new tax law.

The toolkit includes a Checkpoint special report about the new tax law, along with practice aids, tax law summaries, checklists, client letters and more.

The tax overhaul that Congress passed last December has left many taxpayers and their accountants scrambling for answers about the hastily drafted provisions, which cut taxes for most taxpayers, but also sharply limit popular tax deductions, such as for state and local taxes. The new tax law has created demand for tax planning services this year, as many traditional strategies have been upended by the extensive changes in the tax code.

The Thomson Reuters special report, "The Tax Cuts and Jobs Act: Qualified Business Income Deduction – Special Provisions Related to Specified Service Businesses," discusses the limitations on an individual’s ability to benefit from the new federal tax deduction for qualified business income. It covers the income thresholds for specified professional service businesses, such as accounting and law firms, and offers advice on the relevant tax considerations and opportunities to avoid negative tax consequences.

“The Tax Cuts and Jobs Act has generated important new questions for tax and accounting professionals to address with their clients,” said Salim Sunderji, managing director of Checkpoint with the Tax & Accounting business of Thomson Reuters, in a statement. “Our comprehensive Tax Cuts and Jobs Act Toolkit provides practitioners with ‘must-have’ information all in one place, so they don’t have to go searching for answers and can better advise their clients.”

The Tax Cuts and Jobs Act, signed into law.
The Tax Cuts and Jobs Act, signed into law. Bloomberg News

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