Federal tax alert: Tax Cuts and Jobs Act — 2017 year-end planning ideas
The Tax Cuts and Jobs Act (TCJA) is moving quickly toward passage by Congress. The House and Senate recently passed different versions of the legislation, and a reconciliation bill has been completed by the conference committee. The final bill now awaits passage by the House and Senate and the signature of the president. Those final actions are virtually certain to occur as soon as the week of December 18.
We previously issued a comprehensive year-end tax guide that addressed planning considerations in an environment where legislative changes appeared likely. Given the continued developments, this alert is intended to identify the major year-end planning ideas that would need to be implemented during the remaining weeks of 2017 to take advantage of unique planning opportunities created by the TCJA.
These planning ideas are based on the pending legislation released by the conference committee. It is possible, though highly unlikely, that the final, enacted legislation could differ in some respects from the current version. The potential for changes to the legislation should be considered before any planning idea is implemented. Additionally, specific facts and tax attributes must always be considered before undertaking any planning actions.
Make sure that you are signed up to receive Plante Moran’s Policy Perspectives to remain up to date on the status of the legislation as the year comes to a close.
The information provided in this alert is only a general summary and is being distributed with the understanding that Plante & Moran, PLLC, is not rendering legal, tax, accounting, or other professional advice, position, or opinions on specific facts or matters and, accordingly, assumes no liability whatsoever in connection with its use.
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