A few days ago, the Senate passed their version of the tax reform bill and the House passed their bill 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 prior to Congress taking 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.
At that time, we may need to meet to discuss strategies for 2018 and forward. In the meantime, go enjoy your last few weeks of shopping madness.