Navigating the changes to the U.S. tax code
Tax filing season is coming, and Dr. Tom Purcell, a Creighton University tax specialist who has testified before Congress on behalf of the American Institute of Certified Public Accountants, said the 2017 Tax Cuts and Jobs Act brings about some of the most significant changes to the U.S. tax code he has seen in his 40 years of study. Changes from the overhaul, such as raising the standard deduction, the suspension of personal exemptions, and the impact on withholding amounts on employee pay, could present some taxpayers with surprises when they file their 2018 tax returns in the coming weeks.