Early Saturday morning, the U.S. Senate passed the “Tax Cuts and Jobs Act, H.R. 1.” As reported by the Journal of Accountancy, “The Senate bill also differs from the version of H.R. 1 that the House of Representatives approved on November 16th. This means that the two houses will have to hold a conference to reconcile the differences between the bills and then both houses will have to vote on the revised bill, or the House will have to approve the legislation as passed by the Senate.”
This bill is a step closer to understanding what tax reform changes might look like, but there are still a lot of details that would need to be resolved between the House and Senate versions before final legislation. If you are interested in learning more, access the Journal's article here.
As your tax advisor, we want you to know that we are monitoring the potential legislation closely and when there is more clarity we will be in touch with you on how it may impact your taxes. In the meantime, if you have any specific tax or planning questions before year end, please don’t hesitate to reach out to our tax team.
We’ll help you get started and learn more about Beaird Harris.