[Rebroadcast] 'Twas the Night Before TCJA Simply Tax

Previous guests of the “Simply Tax” podcast gather around the fire as host Damien Martin tells a classic story of the enactment and first year of the Tax Cuts and Jobs Act (TCJA). Listen to hear the story and guests of the following previous episodes:
Episode 49: Tax Planning Questions for Businesses
Episode 47: Tax Planning for High-Net-Worth Families After the TCJA
Episode 46: Do You Have 199A Confusionosis?
Episode 44: The R&D Tax Credit
Episode 42: Cutting Through the Tax Static with Ed Karl
Episode 39: Tax Technology of the Future
Episode 38: Bonus Depreciation Regs & More
Episode 36: Simply Small Business Taxpayer Accounting Methods
Episode 35: The Proposed 199A Regulations with Tony Nitti
Episode 27: The SALT Workarounds with Annette Nellen
Episode 25: Ed Updates – IRS Reform & Guidance on the New Tax Law
Episode 19: Tax Reform for Insurance Companies
Episode 16: AICPA's 199A Task Force
Episode 15: Tax Reform for Health Care Providers
Episode 13: Tax Reform for Construction & Real Estate
Episode 12: Ed Karl's Tax Reform Carnival Update
Episode 11: The Twins on Tax Reform for Individuals
Episode 10: The International Side of Tax Reform
Episode 9: Tax Reform for Businesses
Bonus Episode: CPA to CPA with Tony Nitti
Episode 8: The Nitty Gritty—of Section 199A—with Tony Nitti
Bonus Episode: Tax Bill Whack-A-Mole
Bonus Episode: Latest from the Reform Roller Coaster
Bonus Episode: Tax Framework with Ed Karl
Episode 1: Talking Tax Reform with Ed Karl
THE STORY
‘Twas the night before TCJA, when all through the House,
A tax reform framework was stirring, with momentum moving quicker than a mouse;
A budget resolution had just passed in Congress with care,
In hopes that tax reform soon would be there;
The stage had been set to use reconciliation by those who led,
While visions of rate cuts danced in their heads;
And Republicans in the House and the Senate moving ASAP,
Remained committed to using the unified framework as a map,
When on November 2nd there arose such a clatter,
It was the Tax Cuts and Jobs Act that was the matter!
Away to the internet I flew like a flash,
To open the bill that made such a splash.
The text on freshly printed pages as white as snow
Gave the luster of new tax changes offering so much to know,
When, what to my wondering eyes should appear,
But new provisions to add and amend the tax code as I sat down to read it with a beer,
With the changes moving, so lively and quick,
I still was not certain if these provisions would stick.
More rapid than eagles the markups they came,
And they passed different versions of the bill in the House and the Senate under the TCJA name;
Now, Republicans! Now, Democrats! In a conference committee mixin’!
On compromises! On changes! On things that needed fixin’!
Back to the House and the Senate with time running small
Now three last-minute changes that were then voted on by all,
Including a name change that’s made the bill somewhat hard to identify,
But around the Tax Cuts and Jobs Act name most seem to still unify.
So after enactment on December 22nd tax advisors they flew,
To their copies of the bill with highlighters and even hole punch reinforcers, too.
And then, in a twinkling, I heard tax advisors raise the roof
The excitement of new code sections that arrived in a poof.
Now after reading the TCJA, I knew that choice of entity was bound,
To be a big deal with many significant changes now around.
It was presented as simplification with reduced rates at its root,
But is often complex when combined with the tax law that stayed put;
A bundle of questions arose when tax advisors started to unpack
The provisions of the newly enacted tax law with areas of uncertainty starting to stack.
And the many significant international changes that can seem quite frankly scary!
Actually, Chris Clifton of episode 10, would you explain while I refill my sherry?
Now one thing that clea