FIDUCIARY INCOME TAX & TCJA – Estates & Trusts lose deductions under the new tax law
The Tax Cuts and Jobs Act (TCJA), effective January 1, 2018, significantly alters income tax planning considerations for individuals and businesses but also impacts fiduciary income tax planning for estates and trusts. One notable change is the elimination of miscellaneous itemized deductions for estates, trusts and their beneficiaries. Under prior law, many