Newswise — Frank Messina, DBA, senior accounting professor at the University of Alabama at Birmingham Collat School of Business provides insight on how the new tax plan will actually make filing taxes for the average person easier, but businesses and the wealthy will see more difficulties.
According to Messina, "The new tax plan will make filing on their own simpler for the average taxpayer, while wealthier taxpayers will find it more difficult. There are way too many difficulties to mention on both the individual and entity side."
"Specifically, individuals will find getting withholding right a challenge," said Messina. "The tougher areas are on qualified business income, business interest limitations and a lot of new law changes in taxes on foreign income. Those who simply have wages and use the standard deduction should have it very easy!"
Messina is available for phone, broadcast and radio interviews via the UAB News Studio.