Joel Endorf, who is employed with Marla Bellitz Johnson CPA firm, presented the program at the recent Seward Rotary Club meeting on Wednesday, December 19, 2018 at noon at the Jones Bank and Trust Company auditorium. Marla Johnson was Rotarian of the month and introduced her program “2017 Tax Cuts and How the New Tax Law will Affect You!” The presentation was presented by Joel Endorf, complete with a power point presentation. He noted that this is the biggest code change since the Reagan years and become effective December 31st. Most changes are temporary and will “sunset” after 2025! Also, most preparers are looking for guidance with the codes and that guidance is delayed, which makes even more tax preparation issues. He noted that experts warn that tax preparation could take up to 30% more time to prepare tax returns because of the new codes and changed forms. Endorf also stated that 85% of the applicants will/should see a decrease in total liability, 10% will remain the same and 5% will see more liability. He reminded the Rotarians that a decreased liability doesn’t mean a larger refund. |