Passed at the end of last year, the Tax Cuts and Jobs Act (TCJA) represents the most significant overhaul of federal tax laws in decades. As most of its provisions become effective with the upcoming filing season, it is important for tax professionals to be well versed with the law. Individuals and businesses will be asking their advisors how the law will impact them. CPAs should be prepared with analysis, advice, and plans.

This issue focuses on the impact the TCJA will have, both in terms of specific situations and more general circumstances that nearly all taxpayers will face at one time. The TCJA brought significant changes to the deductibility of losses from natural disasters; a pair of articles look at common planning considerations and valuation issues in the wake of this hurricane season. While the lower marginal tax rates might seem like an unmitigated benefit for taxpayers, it can lead to unexpected inequities for taxpayers who must return income in a lower-rate environment. The cuts to corporate tax rates will not only have an impact on the after-tax returns to pass-through entities; they will also affect their valuation.

For many taxpayers, the impact of the TCJA may not only be direct, but also a product of several interacting factors, like the changes to the standard deduction, miscellaneous itemized deduction, and state and local tax deduction. To address this wide variety of individual circumstances, the authors of a series of life cycle tax-planning articles previously published in the Journal have updated their guidance to incorporate the new tax changes. This special section of columns will serve as a resource for tax preparers as they help clients plan for the end of 2018.