The Albany Business Review hosted six experts to discuss changes to tax laws and their impact on individuals and businesses. Partner Patrick Diggin participated in this discussion on tax reform.
Will the new law have a positive impact on small businesses? And how will the individual taxpayer be affected?
Patrick Diggin, Partner, UHY LLP: With the 20 percent-qualified business deduction, guidance is still coming out. And guidance will come out well after the tax season is over with. We’re still trying to figure out who does and doesn’t qualify for this, and I think the IRS is trying to figure that out as well.
Has the IRS issued all the new forms and guidance in the year since the TCJA passed? Has the level of difficulty increased for preparation of tax returns?
Diggin: All the forms have not been issued. We have had guidance issued throughout the year, and that will continue. We’ll better understand the level of difficulty as we go through this tax season. We’ve all done a considerable amount of continuing education, not only for ourselves but for the staff as well. New York has had to respond as well, with new forms that react to the change in the federal law.
To read the full Table of Experts article, please visit the Albany Business Review’s website.