Tax Reform by Christmas?

Early this morning the Senate accomplished a major step towards this goal by passing its version of Tax Reform. The House passed its Tax Reform plan right before the Thanksgiving Holiday. Now, Congress goes to work reconciling the differences between the two plans. President Trump has asked that Congress deliver a consensus piece of legislation by Christmas, which he has committed to sign into law immediately.

I recall all the controversy and excitement surrounding the 1986 Tax Reform Act 30 years ago when I was a working in the Tax Department at Deloitte. I was one of the professionals tasked with sorting out the new law and anticipating its effects on our business clients.

At Skorheim & Associates, we will be doing the same with this new version of Tax Reform. We will be dissecting the major aspects of each bill and follow the reconciliation effort to gain insight on how the final bill will impact our clients. As always, we are committed to your success. Please follow this blog for all the important developments.