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.
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