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Illustration: Sarah Grillo/Axios

Don't look now, but added complexities from the 2017 Trump tax cuts are driving a hiring boom for tax lawyers and accountants, along with a rash of issues where they shouldn't expect help.

Driving the news: "U.S. accounting firms crossed the one-million-employee threshold last year ... Job growth in the sector in the first year of the law was 3.6%," the WSJ's Richard Rubin notes.

  • "Deloitte Tax LLP grew by 10% this fiscal year and expects another 10% bump next year. KPMG LLP says it hired twice as many experienced employees in 2018 in its U.S. tax practice as it did the year before."
  • “[The Trump tax cuts] created just a whole lot of new complexity and it’s given us mountains of new guidance to figure out and to deal with," McDermott Will & Emery LLP partner David Noren told The Journal.

Between the lines: It's not exactly a surprise that a rewrite of the tax code would create new business for accountants, Axios' David Nather notes.

  • But the piece is a reminder that any tax code rewrite is going to make some tax laws more complex, not simpler — and someone always benefits from that.

Why it matters: The tax cuts simplified filing for many Americans — particularly by doubling the standard exemption — but have added a slew of issues on the corporate side.

  • International: "Multinational companies are subject to two new minimum taxes and complex rules for calculating a one-time tax on their past foreign profits. And Congress didn’t eliminate many of the old rules, instead layering new ones atop them."
  • Domestic: "Pass-through businesses such as partnerships can get a special 20% deduction, but they have to follow detailed regulations ... Businesses of all types face new restrictions on net operating losses and interest deductions and have new potential benefits from accelerated depreciation."

The bottom line: Don't expect Democrats to rush to help on the "technical corrections" Republicans have introduced to fix elements of the bill, especially after Republicans spent years rejecting Democratic efforts to clean up the Affordable Care Act.

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Empire State Building among hundreds to light up in Biden inauguration coronavirus tribute.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.

Biden Cabinet confirmation schedule: When to watch hearings

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

The first hearings for President-elect Joe Biden's Cabinet nominations begin on Tuesday, with testimony from his picks to lead the departments of State, Homeland and Defense.

Why it matters: It's been a slow start for a process that usually takes place days or weeks earlier for incoming presidents. The first slate of nominees will appear on Tuesday before a Republican-controlled Senate, but that will change once the new Democratic senators-elect from Georgia are sworn in.

Kamala Harris resigns from Senate seat ahead of inauguration

Vice President-elect Kamala Harris. Photo: Mason Trinca/Getty Images

Vice President-elect Kamala Harris submitted her resignation from her seat in the U.S. Senate on Monday, two days before she will be sworn into her new role.

What's next: California Gov. Gavin Newsom has selected California Secretary of State Alex Padilla to serve out the rest of Harris' term, which ends in 2022.