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Describe a surprising tax law proposal or change that you noticed in the news recently? Describe a tax hot topic that yo...

Describe a surprising tax law proposal or change that you noticed in the news recently?

Describe a tax hot topic that you are following the outcome?

If you are planning to become a CPA, what steps are you taking in preparation for your CPA exam?

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Answer #1

One of the surprising tax law change can be considered as capping of deductions.

Earlier there was no such capping of deductions whereas now there is a cap of $10000 on both state and central tax.

This has in a way neutralized and mostly reduced the benefit of decrease in individual tax rates.

Further the personal exemptions that were allowed earlier have been altogether done away with. Which might add to the tax bill if proper benefits of investing into tax saving schemes is not taken into consideration.

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