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In response to a request for comment on the impact of expiring provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) on families, workers, businesses and communities, the CFP Board, the Financial Planning and other groups representing the wealth management industry submitted a joint letter to the U.S. House Ways and Means Committee to reinstate tax deduction for financial advice fees.
Prior to the enactment of TCJA, individuals who received financial advice were able to take advantage of tax deductions if the fees for that advice exceeded 2% of their adjusted gross income. However, TCJA's repeal of this vital deduction effectively raised the cost of financial advice for everyday Americans who were able to benefit from the deduction.
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