As the months have passed since the 2017 tax act (Pub. L. No. 115-97) enactment, tax professionals have discovered multiple problems with the legislation, ranging from outright mistakes in drafting to more subtle changes in incentives that could lead to undesirable taxpayer behaviors.
This document highlights some problematic changes brought about by the act and explains what you need to know, what government officials have said, and where you can find more information on Bloomberg Tax for further research. Many of the provisions may be fixed through technical corrections, clarified through Treasury and IRS guidance, or both, but for now, simply understanding where the pitfalls are is half the battle.
Note that while a full discussion of the 2017 tax act—both the good and the bad—is beyond the scope of this paper, it’s not beyond the scope of Bloomberg Tax’s news and reference library. You can find up-to-date analysis of the impact of tax reform by searching or browsing our products, or by using our Tax Reform Roadmap, which summarizes every major change of the 2017 tax act and links directly to relevant reference materials written by our network of expert tax practitioners.
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