The following is an excerpt from the ABA Journal article “These Taxing Times” authored by Sam Braunstein, published in November 1997.
Get ready to lose sleep between now and April 15—“tax relief” is here again.
Over time, the Taxpayer Relief Act of 1997, which became law in July, may well deliver on the promise of its name, especially for taxpayers in moderate income ranges and above.
But getting there will not be easy, especially for lawyers and others advising individuals and businesses on just what the provisions of the law mean and how they will work. In many cases, tax practitioners still are sorting out the provisions themselves, even as
clients clamor for answers.