December 18, 2017: Late on Friday, December 15, Congress issued the tax reform Conference Report for the Tax Cuts and Jobs Act. This Conference Report combined and resolved differences between the tax bills passed by the House of Representatives and the Senate. The next step is for both the House and Senate to vote on the Conference Report. This is scheduled for early this week and it appears the GOP has the votes necessary to get the consolidated tax bill approved. Therefore, it seems likely that we will have a new tax bill before Christmas. Happy Holidays!
Although almost all of the tax law changes are not effective until next year, there may be tax planning action to consider before December 31 of this year to take full advantage of this major tax overhaul.