Tax Tip Tuesday: Anticipating a Tax Overhaul Plan

June 13, 2017

 

Over the last few weeks, many clients have asked me the same question—will we see any of the big tax changes this year that the president and Congress promised?

 

The answer is an overwhelming “maybe.”  Some in Washington have indicated they are within a few weeks of agreeing on central aspects of a tax overhaul plan and hope to have actual legislation that will be ready in September. 

 

Based on prior history, I think that means late October, but Congress has surprised me before. 

 

What will this include?  Probably some form of a tax cut, simplifying the tax code, and eliminating tax breaks. 

 

It is not yet clear if this will affect the 2017 tax return or if it will be effective January 1, 2018.  We will not know until more details are available and all parties agree on the legislation.

 

We will be closely watching all tax legislation this summer and will let you know more details as we see them come out.

 

Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein

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