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September 2018 » Adding a Legacy Division
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Sidney Kess, JD, LLM, CPA, Carol R. Kaufman, and James R. Grimaldi, CPA, and James A.J. Revels, CPA
Because of the Tax Cuts and Jobs Act (TCJA), more individuals—90% of taxpayers, by some estimates—will decide to prepare their own tax returns. With the simplification of the Form 1040, more people will use the standard deduction and services like Quicken and TurboTax. Consequently, tax preparers should expect to lose a significant portion of that business. There is growing competition for that business, as well; other professionals and other kinds of financial firms—banks, financial planners, and insurance companies—are doing tax work for almost nothing. In addition, with married couples now able to shield as much as $11.2 million from federal estate and gift taxes, fewer wealthy individuals will focus on estate planning.
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