Federal Tax Reform
On December 22, 2017 the Tax Cuts and Jobs Act (tax reform) was signed into law. It makes major revisions to the U.S. tax code for both individuals and corporations. In fact, the bill represents the most significant tax changes in the United States in more than 30 years.
Throughout 2018, the IRS has regularly issued documents explaining the impact on the tax reform on individuals and businesses. In November 2018, the IRS released Publication 5307: Tax Reform - Basics for Individuals and Families. This publication is straightforward and nicely documents the changes that will affect individuals and families.
For your convenience Publication 5307 is available below. Additional information in the tax reform law can be accessed from IRS Tax Reform website.