OPINION: Local CPAs, attorney weigh in on new tax law
At the end of last year, President Donald Trump signed the Tax Cuts and Job Acts Bill. The bill, which is not very popular in Brooklyn, a Democratic stronghold, is the most comprehensive piece of legislation yet signed by the Trump administration. It has been the subject of seemingly endless debate by TV commentators, bloggers, columnists and elected officials.
However, almost lost in the shuffle have been the opinions of those who will have to work with the bill every day — accountants and tax lawyers. This writer spoke to Dewey Golkin, a trustee of the Brooklyn Bar Association who is both an attorney and a CPA; and certified public accountant Barry Picker and Edward Torres, both members of the Brooklyn-Queens Chapter of the New York State Society of CPAs.
Naturally, many members of the general public are concerned by the new law and want to know how it will affect them. “I’m already getting a lot of calls,” said Golkin. Some people wanted to pre-pay their 2018 taxes (as opposed to the 2017 taxes, which will come due in April), because for 2018, said Golkin, “the state tax deduction will be limited.”