The Senate passed its version of the tax reform bill a few days ago, and the House passed it several weeks ago.
What does this mean? It means we are one step closer to a major tax reform change. The bill from the Senate and House will need to be reconciled so they have one bill both sides agree upon. This could all happen before Congress takes leave for the Christmas break, but there are still many differences between the House and the Senate bills that need to be hammered out.
With so many unknowns, it is too early to start making strategic tax decisions for 2018. But we are monitoring the process closely, and once there is a final signed bill, we will inform you of the major tax changes and how they may impact you.
We may need to meet at that time to discuss strategies for 2018 and forward. In the meantime, enjoy your last few weeks of shopping madness.
Click here for a quick look at tax reform. These major tax legislation will affect individuals, businesses, tax-exempt, and government entities.
Please do not hesitate to contact our professional tax consultants if you need any further assistance or help.