Adult Center of Prescott - Event Center, Banquet Hall, Meeting Rooms, Conference Center, Weddings in Prescott

"Everything You Need to Know NOW about Next Year's Tax Return!"

Event Date: Wed Nov 14, 2018

Event Time: 1:00 PM-3:00 PM


Presented by the Northern Arizona Chapter of Enrolled Agents *

Seminar leader:  Jack Wood, Enrolled Agent

In late December, 2017, Congress passed the Tax Cuts and Jobs Act, which President Trump signed into law shortly thereafter.  The new law did not affect the tax returns for 2017, which were filed earlier this year.  Instead, the changes take effect beginning with the tax returns for 2018, and remain in place until December 31, 2025. 

In our discussion, we will begin with the changes to Standard Deduction allowances, personal and dependency exemptions, child tax credit and revisions to the tax rate brackets.  We will review changes to alimony, moving expenses and the individual shared responsibility payment.  In our overview of itemized deductions, we will focus on: the deductibility limitation on state and local income and property taxes; the elimination of personal casualty loss deductions except for Presidentially-designated disaster areas; the reduced allowance for personal residence mortgage interest; and the changes in charitable contribution allowances.  Special attention will be paid to the category of Miscellaneous Itemized Deductions, which has been completely eliminated in the new law.

Tax planning may help to minimize any negative consequences of the new tax laws.  A better understanding of the new provisions is the first step in the planning process.

After working 14 years for IRS in Audit and Taxpayer Service, Jack Wood became an Enrolled Agent.  He then worked for 15 years with a tax law firm in Providence, RI, which focused on tax representation.  In 1999, Jack relocated to Prescott, AZ and opened Tax Strategies Southwest, where he helps clients resolve tax disputes and unmanageable tax debt issues. 

NAEA is the organization of and for EAs. The principal concern of the Association and its members is honest, intelligent and ethical representation of the financial position of taxpayers before governmental agencies.Members of NAEA are required to complete a minimum of 30 hours of continuing professional education each year in the interpretation, application and administration of federal and state tax laws in order to maintain membership in the organization. This requirement surpasses the IRS' required minimum of 16 hours per year.

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