Featured Speaker - Tax Planning Developments & Opportunities Under TCJA

The Tax Cuts and Jobs Act (TCJA) of 2017 enacted the biggest tax reform overhaul in decades, especially for corporations, where the AMT was repealed, and the top tax rate was reduced from 35% to 21%. When it comes to individuals, though, TCJA was more of a series of tweaks than a total overhaul, including a modest reduction in tax brackets, an expansion of the standard deduction, and the curtailment or elimination of many (but not all) itemized deductions (including the deduction for a financial advisor’s own investment advisory fees!). The end result is a system in which most individuals will no longer itemize deductions at all, though those that can will need to be especially proactive in deduction lumping and charitable clumping to maximize their value. At the same time, the introduction of a new 20% Qualified Business Income (QBI) deduction for pass-through businesses creates an appealing tax break for many small businesses, and a potential desire to restructure existing business arrangements to better qualify for the deduction… although Specified Service businesses, including consultants and financial advisors themselves, must plan carefully to take advantage of the new rules!