Don’t ask the IRS. It doesn’t know any more than you do.
The Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law by President Trump on Dec. 22, after passing Congress on a party-line vote in both chambers two weeks earlier. That means the president has his tax lawyers ready to go on it even before he is officially sworn in for his second term next month, said Gary Silverman, an attorney at Smith Anderson & Associates in Boston who specializes in federal income taxes and issues relating to wealth management with retirement plans. “It will be very early when he takes office that they get started reviewing legislation that just passed during this lame duck session of Congress,” Silverman told Bloomberg Law last month when news first broke of pending changes ahead for all taxpayers across the country thanks to the GOP bill approved by both chambers earlier this week. “They are so busy getting their new offices set up they won’t get around to looking at what is happening until January or February,” added Silverman concerning incoming Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn as well as other top advisers close to President Trump going forward from Jan. 20 onward once a presidential administration is installed in place after a transition period following a president-elect assuming office but prior to inauguration day itself two months later in January 2019 due to delayed congressional action over its own end-of-the year work periods since