In this Jan. 14, 2017, photo, tax professional and tax preparation firm owner Alicia Utley works on her computer in her office at Infinite Tax Solutions in Boulder, Colo. Across the U.S., accountants and tax lawyers are laboriously making their way through the new tax bill, fielding a swirl of questions from clients and swapping tips in their efforts to fully grasp the legislation’s far-reaching changes. “We are buried in calls and emails,” Utley said Wednesday, Dec. 20, 2017. (AP Photo/Brennan Linsley)Don’t feel bad if you don’t understand how the new tax bill will affect you. Chances are, your accountant doesn’t yet either.
From New York to Kentucky to Florida, accountants and tax lawyers are scanning the 1,000-page measure, fielding a swirl of questions from clients and swapping tips via email in their efforts to fully grasp the bill’s far-reaching changes.
When the House and Senate released the final tax bill late last week, it gave many experts their first look at what will become a vast rewrite of tax law. Congress gave approval to the measure Wednesday, and President Donald Trump is to sign it early next month.
“The whole weekend I was overwhelmed with client requests on how this impacted them, and it hasn’t stopped, and probably won’t for several weeks,” said Gary DuBoff, an accountant at MBAF, a New York-based firm.
The uncertainties range widely.