Individual taxpayers have plenty of questions about how the new tax reform law will impact them. So we asked Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, to provide some clear, easy-to-understand answers to some of the most common questions. If you care about tax reform — whether you're a CPA or a CPA client — this podcast is for you.
What you'll learn in this podcast:
- When will the new tax law's changes take effect?
- How much will the law reduce rates for most individuals?
- What impact will doubling the standard deduction have on families?
- What are some of the more commonly used itemized deductions that were repealed?
- What are some of the popular itemized deductions that are left?
- What changes were made to the mortgage interest deduction?
- What changes were made to state and local tax deductions?
- What changes were made to the AMT?
- How long will the tax law changes be in effect?
Play the episode below: