We are closely watching the possible legislative changes that the Senate Finance Committee and the House Ways and Means Committee are working on to create changes in the tax code.
While the two committees are far apart on some of the issues, they are close to being in agreement on others. As you know, the Senate and the House need to each pass their versions of the tax reform, and then a Joint committee made up of members from each the House and Senate need to agree on a compromise that will then be voted on by the Senate and the House.
It appears more likely than not that there will be some version of tax reform legislation. It is too early to begin to make any planning moves based on the possibility of the legislative changes. It is important to keep in mind that there may be changes coming, so any decisions for the future that have tax implications may be affected by this legislation.
As soon as we know what the final version of the "tax reform" is, we will be communicating with our clients. You can expect a lot of press as the process moves forward; however, until the House and Senate have voted on the compromise presented by the Joint committee, we aren't going to know for certain what the changes are going to be. This is a heads-up though, Tax reform is on the horizon and we all need to keep that in mind as we move forward.
Tax law is like Montana weather----we seldom get bored with it as it changes all the time!
In the meantime---Happy Holidays to you and your families. Dave & Melissa