The biggest tax reform since Reagan’s tax cuts of 1986 passed the House on December 20th. Several itemized tax deductions have been eliminated or reduced, the standard deduction has been increased significantly, and personal exemptions have been suspended. Many of our clients are understandably concerned about how these new tax laws will affect them. Our firm’s tax professionals are closely examining the “Tax Cuts and Jobs Act” so that we can help you understand how the new law impacts your business and personal taxes and provide you with advice if requested.