As you are likely aware, House Republicans unveiled a major overhaul of the Internal Revenue Code last week. The proposal would impact virtually every individual and business with revisions to tax rates, deductions and credits. There will likely be additional changes to the proposal as it proceeds through the legislative process due to intense lobbying efforts and likely action in the Senate. However, it is anticipated that the resulting legislation will yield tax planning opportunities both before the 2017 year-end and into 2018.
Please know that Our Tax Team is following new developments closely to determine the best steps to proactively plan for the 2017 & 2018 tax years. As we receive more information, we will share how it may affect you or your business. Please stay tuned to our updates and check back on this page often as the legislation moves forward.
We look forward to working with you once the changes are finalized. In the meantime, if you have any questions, please contact your HAC tax advisor.