Tax Reform Heads to Final Congressional Vote

Committees from the U.S. Senate and the House of Representatives have agreed on a compromise bill that combines elements of both chambers’ individual tax reform legislation. The entire text of the latest bill was set at noon on Friday, Dec. 15, and released at 5:30 pm. The final bill was 1,097 pages and is posted in its entirety on the House of Representatives website.

The likely next step is a vote by the House on Tuesday, followed by the Senate later that day or sometime early Wednesday morning. This timeline could depend upon several factors—including the health of Sen. John McCain, who was hospitalized last week for side effects of his cancer treatment and will be absent for the vote. However, as nearly all of the Republican members of Congress have publicly stated that they will vote “yes,” the bill is expected to pass.

Should both chambers approve the legislation, it would then move to President Donald Trump’s desk, where the bill is expected to be signed into law.

James Moore & Company will offer services to help you see how this new legislation affects you and plan your tax strategy. Such services will include:

• Analysis of things to do before the end of 2017
• Personalized tax projections under the new law
• Changes to withholding or estimated tax payments for 2018
• Analysis of entity (should you change your tax classification?)
• Revenue recognition analysis and potential changes
• Analysis of business expenses and changes to deductibility (including fringe benefit changes)

We will also be hosting a free webinar in early January should the legislation become law, so watch future updates for your invitation.

All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a James Moore professional. James Moore will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.