Expertise Beyond the Numbers

What Does the Current Status of the Tax Reform Mean for Individual and Corporate Tax Planning in 2018?

As 2017 comes to an end, Tax Reform remains top of mind for individuals and businesses. While there has been significant progress already on both bills, we still have a long way to go, and many hurdles to clear, before Tax Reform becomes a reality. Still, it makes sense to begin thinking about the provisions of these proposals, especially as we approach the end of the calendar year, and consider specific tax planning strategies that might benefit our clients.

SC&H Group recently held our annual Year End Tax Planning Webinar which focused on how the unfolding Tax Reform will affect how you close out 2017 tax planning and prepare for 2018 initiatives. Our panel of experts provided critical insights that all individual taxpayers, corporate taxpayers, and international tax entities need to know heading into 2018.

Highlights include:

  • Moving from seven tax brackets to three to four
  • Elimination or caps on popular deductions
  • Repeal of Alternative Minimum Tax (AMT)
  • Corporate tax reductions

Below you will find the key objectives covered in each section and the recordings of each subject matter area our panelists covered. As you review this information and consider how you should structure your year end tax planning checklist – feel free to Contact Us to guide you through the right process for you as an individual or your business.

Individual Tax Planning
Presented by Greg Horning, Director, SC&H Financial Advisors & Amanda Wooddell Wilhelm, Principal, SC&H Financial Advisors

  • How will the proposed tax bracket structure impact you?
  • Which exemptions, deductions, and incentives will remain or change?
  • What tried and true strategies, such as income deferral and charitable giving, will need to be revisited?

Corporate & Business Tax Planning
Presented by Angelo Poletis, Principal, SC&H Tax Services, Justin Huovinen, Manager, SC&H Tax Services, & Bob Dillon, Director, SC&H Tax Services

  • Will your corporate tax rate drop, if at all?
  • What capital expensing and incentive strategies will remain or change?
  • How will a territorial tax system impact earnings abroad?

For a full comparison chart on the latest House Bill vs. the Senate Bill visit our blog post in which we breakdown the key provisions of the House and Senate bills – highlighting how it would affect you as an individual and your business.

 

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.