Tax Cuts and Jobs Act: Considerable Progress Made Implementing Business Provisions, but IRS Faces Administrative and Compliance Challenges

According to IRS, the Tax Cuts and Jobs Act of 2017 was the most sweeping tax law change in over 3 decades—with 86 provisions that modified, added to, or repealed business and international taxes.

IRS prioritized and implemented key provisions of the act and provided taxpayer guidance.

But there are challenges to fully implementing the act. For example, tax return data related to some of the new provisions isn’t in a readily usable format. As a result, IRS may not be able to promptly identify and alert taxpayers who aren’t in compliance. We recommended determining which data would be most cost effective to transcribe, and then doing so.

Example of IRS Guidance

Cover of IRS Publication