A “unified framework” for tax reform has been released from the Trump Administration and select members of Congress. Although the document provides much detailed information it still leaves many specifics to be worked out by the House Ways and Means Committee and the Senate Finance Committee.
The table below shows a summary of the tax provisions mentioned in the agreed framework.
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What’s next? The most important thing to keep in mind is that the released tax reform is as a framework and not a finished product. Kevin Brady, chairman of the tax-writing House of Representatives Ways and Means Committee, said his plan was to turn the framework into legislation to be passed by the end of the year.
This is a reminder that we are always available to go over any end-of-year tax planning strategies. We here at CAPATA have the years of experience to provide you with a top notch service. No matter what your tax needs are, we are always here to help you thrive. Please contact us if you’d like to know how this may affect your taxes for 2017. The information we can provide you with may actually surprise you. Don’t be caught off guard this tax season.