Important Notice on Potential Tax Reform Changes
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
