IRS Tax Reform Updates

As the IRS works on implementing the Tax Cuts and Jobs Act (TCJA), it has updated its Tax Reform web page with specific information for individuals, businesses and tax exempt entities.

• The TCJA changed like-kind exchanges to apply only to exchanges of real property and not exchanges of personal or intangible property.
• The TCJA also affects the Rehabilitation Tax Credit for amounts that your clients pay or incur for qualified expenditures after Dec. 31, 2017.