With the recent release of the Tax Cuts and Jobs Act, the Republican Party is moving tax reform forward. Compiled by The House Ways and Means Committee, the tax reform legislation draft incorporates many provisions initially outlined in the Big Six Tax Framework which debuted in September of this year.
Touted as the first major tax reform since the Tax Reform Act of 1986, the Act would simplify the U.S. tax codification and reduce the average American middle-class family’s tax liabilities. However, it’s unlikely the Act will be signed into law without material adjustments. It still hasn’t cleared all of Congress, and ultimately needs the seal of approval from President Trump – which is targeted for some time before year end.
To help gain insight on how the proposed legislation might impact you or your business, Doeren Mayhew’s tax advisors have highlighted its key tax provisions below:
When considering year-end tax planning proceed with caution – this is just proposed legislation and not signed into law. Look to our tax advisors to help keep you informed as new developments happen on the tax reform front. If you have questions, regarding the potential impact of proposed laws, contact Doeren Mayhew. Our tax advisors stand ready to help you navigate any changes.
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