Be Prepared for the Impact of the New Tax Code
Thu, May 31, 2018 2:00 PM - 4:00 PM EDT

On December 20th, 2017, everything changed. Well, not quite everything, but on that day Congress passed the Tax Cuts and Jobs Act, changing the federal income tax code in significant ways. Most of the changes are being implemented now for the current (2018 tax year), which will be the base year for the 2020-2021 academic year. But don't wait October of 2019 to start thinking about this: we are likely to see impacts when 2017 is the base year that we will need to understand too.

This webinar will take a speculative look at how the changes to the tax code might impact our work as financial aid officers and how they might change EFCs. Have you considered that because the amount of income tax many people will have to pay will go down, their EFCs will go up? Are you prepared to ask your returning students to accept a smaller aid package solely because their parents paid less in income taxes in 2018 than 2017? What if a parent appeals an award on that basis? Or that taxpayers in states like New York who are losing the unlimited state and local tax deduction may change their spending behavior to minimize the impact of the tax code on their likely-to-increase tax obligations, creating new cash flow issues.

This discussion will include a fairly rigorous dive into the need analysis related issues the new tax law creates, and may touch on some advanced tax concepts, including

  • How some taxpayers may have temporarily reduced their 2017 taxable income in anticipation of the pending changes, temporarily reducing their AGIs and therefore their 2019-2020 EFCs
  • The impact of the higher standard deduction on taxpayers who no longer need to itemize their tax returns every year
  • The new "Qualified Business Income Deduction" and how this may encourage wage earners to become self-employed and landlords to become real estate business owners
  • Tactics that financial planners are already suggesting to their clients that may cause their children's EFCs to go up and down every other year.

NOTE: To register for this event, you MUST be a current member, or complete a membership application. You can complete and pay for the membership application prior to registering by Clicking Here. Or, you will be taken to the membership application during the webinar registration process.

  • This is a multi-part registration and is not complete until you reach the final invoice page.

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Webinar - 5/31/18 - Registration - Part 1
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The information presented on the NYSFAAA Website is provided as a service from the New York State Financial Aid Administrators Association to our constituents and represents our best efforts to assist students and their families in pursuing funding for higher education. NYSFAAA is a volunteer association of financial aid professionals representing the various institutions of higher education in New York State. We have collected information we believe to be important and reputable in finding and obtaining financial aid resources; however, we assume no liability for the use of this information. The New York State Financial Aid Administrator's Association, Inc (NYSFAAA) does not receive any money, gifts or compensation, related to educational lending activities, from any "lending institution" as defined in S620(8)a and S620(8)b of New York State Education Law. Hence, NYSFAAA does not meet the definition of "lending institution" as defined in S620(8)c of New York State Education Law. Therefore, institutions of higher education in New York and employees of those institutions are not subject to any potential conflicts of interest or legal restrictions under NYS Education Law in their interactions with NYSFAAA.*
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