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The Tax Reform Bill and what it means to you

taxes

On Friday, December 22nd, 2017 President Donald Trump signed the tax reform bill passed by both the House and Senate. The bill contains significant changes including a repeal of the deduction and exclusion for moving expenses, effective January 1, 2018. This includes household goods shipping and the majority of final move expenses. Those expenses previously excludable will now be a taxable expense if paid for by an employer on the behalf of their employee or reimbursed to the employee.

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