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Taxpayers confused by the new tax law may be tempted to file extensions — here’s why you shouldn’t

Accountants and taxpayers alike may not be ready to file returns by the April 15 deadline.

Americans are still making sense of the Tax Cuts and Jobs Act, the largest tax-law reform in 30 years. The TCJA was enacted in December 2017, but many Americans are still unsure how it affects them, even though they’ll incorporate those changes into their returns for the first time this year.

Even accountants whose job it is to understand the law say they’ll need time to wrap their heads around it. “It’ll take years to sort out the rules,” said Joseph Perry, tax and business services leader at New York-based accounting and advisory firm Marcum.

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