Congress passed tax reform in December 2017 and a budget deal with tax extenders in February 2018. The budget deal extends some tax provisions that expired in 2016. Thus, they provide some retroactive relief to filers.
These include exclusions from gross income for the discharge of certain residential debt, qualified tuition expenses, energy credits, electric car credits, and many other taxpayer-favorable breaks. There are numerous aspects of tax reform and the extenders that impact the 2017 return, and many opportunities and challenges for taxpayers as they plan for 2018.
This presentation will let you know what you need to discuss with your clients today with respect to the Tax Cuts & Jobs Act and the tax extenders included in the 2018 Bipartisan Budget Act.
Joshua Wu, a former Deputy Assistant Attorney General (DAAG) for Appellate and Review in the Tax Division of the US Department of Justice (DOJ), counsels and advocates for companies and high-net-worth individuals on all aspects of tax controversies and litigation. Mr. Wu advises on tax accounting disputes, corporate and partnership transactional issues, international questions, employee benefits matters, and tax-exempt controversies. He brings a unique knowledge base and skill set to his clients, drawing on his experience both in senior leadership roles in the DOJ’s Tax Division and private practice.
Most recently, when Mr. Wu served as DAAG, he oversaw virtually all appeals in civil federal tax cases throughout the country and managed a 40-lawyer team. He also represented the United States in oral appellate arguments, evaluated and approved significant civil settlement offers, and furnished advice to the Tax Division’s trial sections in complex tax cases.
Mr. Wu previously served as DAAG for Policy and Planning, where he led the Office of Management and Administration (OMA) at DOJ. In that role, he led the operational functions of the Tax Division and led the Office of Legislation and Policy, which works with the Department of Treasury, the IRS, and other agencies on legislative, regulatory, and policy initiatives. Before his government service, Mr. Wu was a partner at a large international law firm.