The Taxpayer Relief Act of 1997 includes over 900 separate new provisions. Some of these provisions are of considerable significance to financial services professionals who advise clients about tax and estate planning or employee benefits. In this summary of the new law, faculty members of The American College have compiled the most significant provisions and explained them succinctly.

We have focused on significant provisions that will affect wide groups of taxpayers. The provisions not covered are, in general, narrowly technical in nature and affect only a few taxpayers, most of whom are already well-informed of the consequences of these new provisions. However, in a law as extensive as this one, some of the provisions not covered here could possibly be significant to individual clients, and this summary is not intended as a substitute for an intensive review of each client’s tax situation with his or her tax adviser.

This summary supplements and may be used together with The American College’s book Financial Planning 2000. References are made where appropriate in this summary.

John J. McFadden
Editor

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