Wolters Kluwer Tax & Accounting has released guides for both consumers and tax professionals to the new tax reform law that President Trump signed into law Friday.

The one for consumers, “A Personal Guide to the Tax Cuts and Jobs Act: What It Means for You” is an eBook that explains the immediate and long-term impact of the Tax Cuts and Jobs Act, and offers information on how individual taxpayers can consult their accountants on the best tax strategies in the future.

The guide discusses the reduction in effective tax rates, the elimination of some deductions, exclusions, and credits coupled with the enhancement of other deductions and credits. The eBook also furnishes guidance on the various provisions of the act that affect individual taxpayers, and helps consumers understand the various ways they can get the most tax benefits and reduce their tax liability. The guide is available at https://www.cchgroup.com/TaxActs.

For tax professionals, Wolters Kluwer Tax & Accounting has also updated its tax briefing, “Tax Cuts and Jobs Act,” to reflect the conference agreement arrived at by the House and Senate Conference Committee and passed by Congress this week. The conference agreement contains a number of important changes from the House and Senate versions of the tax reform bill, and the briefing contains the latest details. The legislation was signed into law by President Trump on Friday after Congress agreed Thursday night to overcome the “paygo” rule that would have forced automatic spending cuts in Medicare.

A printout of Congress's tax reform bill, "The Tax Cuts and Jobs Act," alongside a stack of income tax regulations
A printout of the Tax Cuts and Jobs Act, alongside a stack of income tax regulations. Bloomberg News

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Michael Cohn

Michael Cohn

Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985.