On Friday December 15th Congress blessed the American taxpayers with a tax bill reconciled from two similar, yet distinctly different, bills passed separately in the House and Senate.  The reconciled draft legislation was passed by the Senate on Tuesday, December 19th, with the House (re)vote expected shortly thereafter.

The reconciled tax bill will constitute the most significant changes in the tax law since 1986.  The legislation borrows portions from both the House and Senate bill, adds some entirely new components, removes others, and compromises on yet more.  These broad and sweeping changes will affect nearly all taxpayers, businesses and individuals.

More detail can be found here:

https://www.journalofaccountancy.com/news/2017/dec/tax-reform-bill-changes-for-businesses-201718071.html

https://www.journalofaccountancy.com/news/2017/dec/tax-reform-bill-changes-for-individuals-201718070.html

 

While the bill has yet to be signed into law, the current outlook is likely.  If you would like to discuss how these proposed changes could affect your tax situation please feel free to contact us for a consultation.