[Anonymous]

So they are planning on reducing the tax brackets to only 3 brackets, eliminate income taxes altogether for workers who earn less than $24,000 a year, eliminate all itemized deductions other than mortgage interest and charitable contribution, eliminate Alternative Minimum Tax, and double the amount of the personal exemption/standard deduction…not to mention lower the tax rate for ordinary business income and capital gains as well as payroll taxes.

Well then!

There goes about 30-40% of the REG exam. If the reform bill is passed, all this studying will be a good chunk of time and brain space to waste! Haha

[The PA CPA]

If the law changes, how long until the exam updates?

[Tncincy]

Oh Lord more changes to worry about…can't we just pass first? 🙁 One thing at a time Lord

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Matt]

I wouldn't worry too much.

They've been talking about simplifying the tax code since it was introduced 100+ years ago and every time they try it gets worse (better for those of us working in tax).

FAR 74

[Jj]

25 years ago it was a 3 bracket system, the same as what Trump is proposing now.

[TommyTheCat]

i would suggest everyone just relax and not worry about any potential changes. Dude just came out with a very high level outline of his “proposals.” It's going to go through several modifications and iterations before anything even goes to vote in congress. And then it's going to need to pass with more than just a simple majority vote, so democrats will have to get behind this thing. Fat chance of that right?

Study the laws as currently presented, and even if these changes do come about as Trumpster “outlined,” it won't really impact your skill set much at all, since the REG section is more concept based and less based on “what's the max tax bracket right NOW?” rates and brackets aren't tested. AMT kinda is, and it's good to know what it is anyway.

[parvaluemethod]

This is a good opportunity to refresh one's memory on the “new pronouncements” policy of the AICPA. How does it go again? “Changes in the federal taxation area, the Internal Revenue Code, and federal taxation regulations may be included in the testing window beginning six (6) months after the change’s effective date or enactment date, whichever is later.”
https://www.aicpa.org/BECOMEACPA/CPAEXAM/EXAMINATIONCONTENT/NEWPRONOUNCEMENTPOLICY/Pages/default.aspx

[Author]

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