Trump tax plan

New regulations have altered advice for Social Security, Roth conversions, tax code, estate planning and much more. Financial plans must be crafted with enough flexibility to change with the times.

The change bars money managers from using some types of business entities to take advantage of an exemption to rules laid out in the 2017 tax law.

The Tax Cuts and Jobs Act created opportunity zones as an economic development tool to stimulate investments in distressed communities.

Clients may consider rebalancing their portfolio more often to address asset allocation shifts as a result of the downturn.

For starters, they can use the windfall to pay off debt, shore up their HSAs and build a cash reserve.

Two years after the tax law eliminated write-offs for investment costs and advice, lawyers say they have found a loophole hidden in years-old IRS case law.

They are advised to consider making amendments if they want to take advantage of temporary tax provisions that Congress extended retroactively in December.

Although the federal penalty was axed for those who failed to register for a plan, some states will continue to impose the coverage mandates.

The potential for higher taxes next year may accelerate deals.

While some tax-planning tasks can be time-sensitive, the challenge is to tackle the others that aren’t in a calculated fashion, an expert explains.