Video: Tax Cuts and Jobs Act of 2017

In this lesson, Nick Palazzolo, CPA, dives into the transformative Tax Cuts and Jobs Act of 2017 and its significant revisions to the U.S. tax code. He elaborates on the reasons for discussing the changes, especially for those familiar with the previous tax law, emphasizing the importance of understanding both the old and new regulations. Addressing the Act's objectives, Nick outlines its efforts to simplify the tax system, promote economic growth, and increase global competitiveness. Furthermore, Nick sheds light on the Act's impact, ranging from individual tax rates and deduction adjustments to corporate tax revisions and international tax affairs. With his practical approach, he ensures these detailed insights are directly tied to what is necessary to advance through the exam, all while sharing the practical implications for personal and business finances.