March 27, 2018
Click here to access the Tax Worksheet in an Excel Document
(Note: The best way to complete this report is to open the Excel document from the link; click "Enable Editing"; do a "Save As" to your desktop; and then enter in the numbers to the saved file to your computer. Access to Excel on your device is required.)
On December 20, 2017, Congress passed a significant tax reform act commonly referred to as the Tax Cuts and Jobs Act (H.R. 1). The act was designed to cut taxes on individuals and businesses, stimulate the economy, and create jobs. To estimate the impact the 2017 Tax Cuts and Jobs Act has on individuals, I created a tax analysis worksheet. By using your 2017 or 2016 tax information to complete the survey, a summary report will be generated to estimate the changes to your taxable income and tax liability under the new tax law.
Although this tool is intended to provide a reasonably accurate analysis, certain compromises were made for convenience and simplicity, and assumptions were made with respect to how the law will be interpreted and applied.
Use of this tool is for your informational purposes only. Your voluntary use of this tool is not intended to constitute, and does not constitute legal or tax advice to you. Your use of this tool does not constitute an engagement for legal services, and by using this tool you do not become a client of Taylor Porter.
Taylor Porter does not collect any personal information when you complete this report, and does not receive or retain any report of your use of this tool or the results thereof. Because Taylor Porter does not retain any of the information you input and does not retain or have access to the report that is generated, we will not be able to individually view or discuss your results with you.
Our goal is to provide a helpful, informative tool as you anticipate filing your taxes next year under the Tax Cuts and Jobs Act.
You should consult your attorney, CPA, or other tax advisor for advice regarding your specific tax situation.
About John McDermott: A partner with Taylor Porter, McDermott serves as the Chair of the Tax and Estate Planning and Administration practice and has more than 35 years' experience in his primary practice area of taxation, including business and individual income tax, payroll tax, franchise tax, excise tax, ad valorem tax, sales and use tax, and gift and estate tax. He has assisted tax-exempt organizations in making application for, obtaining, and maintaining status under IRC section 501(c). He has represented individuals, business entities, trusts, and estates with controversies before the IRS examinations and appeals, US District Court, US Court of Appeals for the Fifth Circuit, the Louisiana Department of Revenue, the Louisiana Board of Tax Appeals, and parish and municipal taxing authorities. He has made applications to the Taxpayer Advocate and has assisted clients in collections, in dealing with tax levies, and in the preparation and presentation of offers-in-compromise, innocent spouse relief, and installment payment arrangements. He has also applied for and obtained private letter rulings. McDermott is ranked among Louisiana Super Lawyers and Best Lawyers in Tax Law. In 2017, McDermott chaired the Internal Revenue Service Advisory Council’s Small Business/Self-Employed and Wage & Investment Subgroup. McDermott practiced in the tax department of an international CPA firm for five years in New Orleans and Washington, D.C. McDermott is a Board Certified Tax Law Specialist, Louisiana Board of Legal Specialization, and he is a certified public accountant. He served on the examination committee for the Tax Law Advisory Commission of the Louisiana Board of Legal Specialization and is an assistant bar examiner for the Louisiana State Bar Association.