While this seems to be an extreme application of TCJA (not to mention a gross perversion of the tax reform's intent), it might be a bit early to jump to conclusions. After all, TCJA has all of the tax experts jumping to early conclusions. Even the IRS has stated that it would need an extra billion over the next two years to implement TCJA. And that was before the government shutdown that promises to halt any progress in the short term. In the long term, the shutdown only the timeline, which might give taxpayers enough time to establish their own positions regarding TCJA.
Our Two Cents
The financial planning landscape can be pretty confusing. Not only is it difficult to figure out who has your best interests in mind (as the debate over the fiduciary standard is pretty confusing), but it’s also difficult to figure out who is in the business of EARNING their fee, vice collecting it. I believe in transparency and always acting in the best interests of my clients.