New tax law notable for capital gains, IRA changes

The big tax news in 1997 was the Taxpayer Relief Act, which set in motion an array of changes, from individual retirement accounts to the reduction in capital-gains tax. In 1998, taxpayers will begin to enjoy some of the benefits of those changes.

Most notable among them is a change in the holding period for capital gains, a window for change to Roth IRAs and education tax credits. In addition, self-employed and stay-at-home workers got a “heads up.” And although news of a kinder, gentler Internal Revenue Service (compliments of the IRS Restructuring and Reform Act of 1998) received a lot…