Tax cuts are implemented

In December 2017, the most sweeping tax legislation since the Tax Reform Act of 1986 was signed into law. The Tax Cuts and Jobs Act of 2017 (TCJA), which was effective January 1, 2018, permanently lowered the corporate tax rate to 21% and ushered in a broad range of changes, from adjusting individual tax brackets and rates, to nearly doubling the standard deduction. However, the TCJA also eliminates or limits many tax breaks, and much of the tax relief is only temporary. For an overview of provisions under the new tax law, download the IRS publication, Tax Reform: Basics for Individuals and Families.