THE UNCERTAINTY OF THE TAX CUTS AND JOBS ACT: WHAT DO AGRICULTURAL PRODUCERS NEED TO KEEP IN MIND?

摘要

Congress has made substantial changes to income tax laws in the 2017 Tax Cuts and Jobs Act (TCJA). Many believe these changes could have a substantial effect on all taxpayers, especially upon the nation's agricultural producers.1 Though many changes have been made, many of the ramifications of these changes may not be fully understood until firm guidance is issued by the Internal Revenue Service (IRS) in the Treasury Regulations.2 There is also a sense of unease when confronted with the uncertainty surrounding state income tax laws conforming tothe new federal income tax system.3 At an already stressful time for taxpayers, tax season will be much more stressful because there will be a sense of uncertainty from agricultural producers and tax professionals alike.