Taxpayers and tax professionals are preparing for the tax changes we will see in 2018. What does this mean for the taxpayer in terms of rates and deductions and what will be the economic impact? What about businesses owned by attorneys and accountants?
Will the same tax cut apply to these professionals as everyone else? What about deductions for state and local taxes and medical expenses? Will tax reform have an impact on the tax implications of getting divorced? Also promised in 2018, is passport certification by the IRS for those who owe more than $50,000 in taxes, penalties and interest combined, which may lead to passport revocation by the State Department. What will be the certification/revocation procedure and what is a taxpayer to do? All these questions, and more, were discussed by our distinguished panel.