Not long ago, we wrote an overview of tax reforms, and legislation is now underway in Congress to implement some of these streamlined tax proposals. In just six months, plans have already shifted. The passage of a new tax reform law would usher in even more sweeping changes for corporate and personal finances.
Earlier this month, the House of Representatives voted to pass a version of the Tax Cuts and Jobs Act. Later the same day, the Senate Finance Committee unveiled and passed its own version. Although the final product has yet to be written by the reconciliation committee, now is the time to prepare for tax reform. During times of great economic change, the stability a skilled accountant offers can help you with smart tax planning, allowing you to control more of your own wealth and adjust to financial shifts.
Here’s what each bill looks like in its current state, the portions of it that are likely to be included in the final version, and how it could affect your financial goals. Continue reading