By Sidney Kess, Mary T.D. Delman, and Catherine M. Taylor
CPA Journal
February 2018 Issue
On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump. Most of the provisions affecting estates and trusts are temporary; they commence in 2018 and are scheduled to expire after 2025. While there is minimal mention in the new law of its specific applicability to fiduciary income taxation, Internal Revenue Code (IRC) section 641(b) instructs that the taxable income of an estate or trust is to be computed in the same manner as of an individual unless otherwise indicated. Further guidance is anticipated as the IRS begins implementation.
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