New Budget Agreement Brings Additional Tax Changes

This just in from OMA Connections Partner, Clark Schaefer Hackett: “… The Bipartisan Budget Act of 2018 (BBA), which President Trump signed into law on February 9, 2018, contains several tax-related provisions that could reduce the amounts some taxpayers owe for the 2017 tax year.”

And: “The BBA’s inclusion of provisions applying retroactively to 2017 taxes is sure to cause some confusion, particularly for those taxpayers who have already filed their tax returns. The IRS has indicated that it’s reviewing the BBA and plans to provide additional information as quickly as possible. …”