Insights

Over the past few days, both the House and Senate voted to pass the Tax Cuts and Jobs Act (the “Act”).

The historic tax reform bill approved by Congress expected shortly to be signed into law by President Trump — the “Tax Cuts and Jobs Act Bill” — will affect almost all individual and corporate taxpayers beginning in 2018. Not-for-profit organizations, as well, may be affected, though the actual impact is difficult to determine at this point.

The House and Senate conferees signed and released a Conference Agreement which reconciled the differences in their respective versions of the “Tax Cuts and Jobs Act” (H.R. 1), on December 15, 2017.

As the global economy expands into every corner of the world, fiscal authorities are seeking more effective ways to protect their tax bases.

As you are no doubt aware, earlier this month the Senate passed its version of tax reform legislation.

The cyber news for November runs the gamut: from shopping scams to hackers-for-hire; from schools being targeted to cryptocurrency security bugs.

This is a great time to execute plans which can minimize your federal and state tax obligations as well as address long-term concerns. Amid the current beehive of activity regarding tax legislation, it doesn’t seem likely that the rules for 2017 will significantly change.

As is often the case in state tax practice, changes in federal law have had a major impact on tax planning and compliance.