2018 Blue Book: Joint Committee on Taxation’s General Explanation of the Tax Cuts and Jobs Act

Author(s): CCH Tax Law Editors

Published: Jan 15, 2019
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ISBN: 9780808050681
Product Number: 10011431-0007
Volumes: 1
Update Frequency: Annually
768 Pages

The General Explanation of the Tax Cuts and Jobs Act (P.L. 115-97) (commonly referred to as the “Blue Book”) provides a detailed explanation of the Tax Cuts and Jobs Act. This Wolters Kluwer publication reproduces the text of the Joint Committee on Taxation’s General Explanation of P. L. 115-97 (JCS-1-18), as prepared by the staff of the Joint Committee on Taxation in consultation with the staffs of the House Ways and Means Committee and the Senate Finance Committee. The Blue Book provides a provision-by-provision description of the prior law and new law, and the effective date. An Appendix includes the technical explanation of changes to Code Sec. 199A relating to the deduction for qualified business income of a cooperative and its patrons enacted March 23, 2018 (P.L. 115-141) and also shows the estimated budget effects of tax legislation enacted in P. L. 115-97. Notably, the Blue Book identifies those provisions in the Act where a technical correction may be required and includes citations to some, but not all, regulations and other IRS guidance issued as of the publication of the Blue Book. The Blue Book's explanations serve as a useful guide in understanding the intent and meaning of the new tax law and, along with committee and conference reports, is considered substantial authority for the tax treatment of an item for purposes of avoiding the Code Sec. 6662 accuracy-related penalty on substantial understatements of income tax (Reg. §1.6662-4(d)(3)(iii)).
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