In 2017, Congress passed the Tax Cuts and Jobs Act.
Many of the jobs it is creating, it turns out, are in the tax industry.
The overhaul continues to generate thousands of jobs for tax professionals as companies analyze the law, restructure operations and rely on tax experts to do all the work flowing from the legislation and IRS regulations, according to lawyers and executives at tax firms. Business is unusually strong and should remain robust for years as a result of the law, they say.
Republicans sold the tax law to the public on the premise that the new tax system would be simpler, and that’s true for many individuals…. but not for Ol’ Johnson Long!
Nah, I had to file for an extension on both Fed and State… but I got a whiz-bang CPA firm with a fancy building and a big lobby!! Businesses of all types face new restrictions on net operating losses and interest deductions and have new potential benefits from accelerated depreciation….. so the moral of the tax story today is “Kids, don’t try this at home!!””