Did you realize the US income tax code has not had a major overhaul since 1986?
The GOP Tax Reform Framework has recently been released. I’ll do my best to summarize various items that have been proposed and to spell out some of the implications of the proposal- some of which may not be apparent to people that do not live and breathe the tax code.
Keep in mind that you should only make tax planning moves and implement tax strategies around the current tax code, not guess the future.
The proposal includes:
There will be some challenges related to implementing tax changes. As you know, there have been challenges in Washington of arriving to consensus and agreements. Will all the necessary parties get on the same page? It will also be interesting to see how the proposed structure actually takes shape. Special interest groups that are adversely impacted or not receiving enough benefits will continue heavy lobby efforts. That is one of the reasons our tax code gets so convoluted.
My goal today was to update you on potential tax law changes. If you have any questions, concerns or feedback, please feel free to reach out to me.
Adam Shay, CPA (N.C. License Number 35961), MBA, is managing partner of Adam Shay CPA, PLLC. He focuses on minimizing taxes and improving the financial results of entrepreneurs, and is actively involved in supporting the Wilmington entrepreneurial and startup community. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. He can also be reached by phone at (910) 256-3456.
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