Tax Tip Tuesday: What Is the Status of Tax Reform in Congress?
The most popular question we get right now is: what is the status of tax reform in Congress?
On November 16th, the House approved H.R. 1, the Tax Cuts and Jobs Act, by a vote of 227-205.
Late on November 16th, the Senate Finance Committee completed the markup of its tax reform plan and approved the plan. The full Senate is expected to take up the tax reform plan after Thanksgiving.
There are very significant differences between the two bills as of right now. The Senate version also includes changes to health care.
I anticipate we will see something decided by the end of the first week of December.
This definitely might be a year for year-end tax planning if the current tax rate reductions and changes to itemized deductions vs standard deductions remain in the final version of the bill.
We will continue to watch this closely and report to you as soon as an agreement is reached.