What an exciting month so far for tax reform! We have an amended bill passed by the House Ways and Means Committee (on 11/9 by vote of 24-16). That's the bill, H.R. 1, Tax Cuts and Jobs Act, introduced just one week earlier. On 11/9, the Senate Finance Committee released a 253-page summary by the Joint Committee on Taxation (most of the pages describe current law).
A few observations:
And there is more. The House bill is scored to cost $1.5 trillion over ten years as allowed by the recent budget bill.
Next steps is for the House to vote and the Senate Finance Committee to amend its bill and vote and then have it go to the full Senate. Then a conference committee is needed to work out differences to get one bill to go to House and Senate for vote.
Waiting for ...
We'll see. I'll have more later
There will be some discussion of tax reform at the CalCPA Federal, State, Local and International Tax Conference on November 15 - 17 at Universal City (and webcast). I'm providing a federal tax update at the start of the program. I'm focusing on cases and rulings and regs, but will note where tax reform might change something. Other speakers will likely do the same. AND, for a good discussion of tax reform and the process, Mel Schwarz of Grant Thornton will be talking about tax reform on Wednesday afternoon. Don't miss that. Mel knows what's going on in tax reform.
What do you think?
from http://21stcenturytaxation.blogspot.com/2017/11/tax-reform-whats-up.html
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