New Tax Act

If they do, would you trust it? Or consider it  a starting point to check your own calculations using intracranial synapses?  

Are you recalculating 2025 ES payments for clients to whom the new law applies?  Only two months left to do that and get the word out.  I would start on that, now.  

If it weren't for the phaseout rules, this would be the work of a 10-year-old.  Plug in the disallowed SALT as an itemized deduction somewhere else on Schedule A, and plug in Social Security, tips and overtime (up to the limits) as an adjustment to income.  Many clients will fall into the categories of either "obviously qualify" or "obviously don't qualify" based on income.  Are you going to contact all of them with a W-2 and ask them how much overtime they expect to earn this year?  When it's only July?  

I haven't waded through the new rules on withholding for tips and overtime, but I sense that those amounts will change depending on how and when employers implement them.

I vote for Intuit putting all of its resources into getting the 2025 program right, which will help 100% of users, rather than putting some of its resources into rewriting one feature of the 2024 program, which benefits maybe 5% of users.  

In terms of odds, I think you would be better off going down to the racetrack and betting on the horse with the name Two-Legged Trigger.

Theyve got a LOT of programming to do, the planner will be at the bottom of the list.  I wouldnt even hold my breath for the 2026 planner to be complete and ready until later in the tax season next year..

A few simple steps to keep in mind….

1. IRS has to read the act and incorporate it in the tax code. 
2. IRS has to update its forms, instructions, and rates.

3. IRS has to share with software providers.  
4. Software providers have to figure out how to incorporate all the changes, forms, and instructions in their platform’s 

IMO, early filers shouldn’t hold their breath… lots of extensions…. This may be a good year to retire.

I appreciate the thought out practical replies.

It appears that my expected Return on Investment of $7k software is unreasonable. My best to all as you slog through the 900+page Bill.

This legislation is certainly going to be a Money Tree for some tax planners and preparers.

When was the Act signed? July 3, and now it's a week later that you post and you expect this to be acted upon?

What fantasy world do you live in?