A Breakdown of the Final Tax Reform
We kicked off the weekend with news of Congress appearing poised to pass historic tax legislation. After a rather vigorous, but brief debate, both houses of Congress have agreed on tax legislation which will be voted on later this week. The conference agreement between the House and the Senate generally follows most of the Senate proposed legislation provisions. However, a number of House provisions are included, as are a number of last minute changes and additions that were implemented during the conference process.
Virtually every taxpayer will be affected by this legislation. There are a number of rate reduction provisions, numerous credits or deductions that are reduced or eliminated, and a number of significant new tax planning opportunities.
How multinational companies are taxed will change dramatically, and there are several new provisions for nonprofit organizations, though some of the more controversial old provisions were dropped during the conference process.
As tax legislation progresses, SC&H Group’s Tax Team is keeping a close watch, to provide recommendations and guidance throughout the process. If you have any questions about the Tax Reform proposals and potential implications please Contact Us.