MEDIA ALERT: Tax Reform Developments: Senate Tax Proposal and Amendments to House Bill

MEDIA ALERT: Tax Reform Developments: Senate Tax Proposal and Amendments to House Bill

Wolters Kluwer Tax & Accounting Provides Updates on Tax Reform Progress in Congress

Wolters Kluwer Tax & Accounting:

What: Today, Wolters Kluwer Tax & Accounting released an updated tax briefing, “Tax Cuts and Jobs Act,” that provides analysis of potential tax implications in light of the following recent developments:

Timeline

  • One week ago the House Ways and Means Committee released the Tax Cuts and Jobs Act bill.
  • First week of committee hearings on the legislation occurred.
  • The House Ways and Means Committee yesterday voted to approve the bill with two sets of amendments to attempt to address concerns about the first version.
  • Today the Senate Finance Committee has also put forward their version of tax reform legislation, in the form of a conceptual Chairman’s Mark without legislative text, which differs in several significant respects from the House version.

Why: Taxpayers will want to keep abreast of these developments to anticipate possible actions to take in 2017 or 2018 to maximize the timing of revenue recognition and tax deductions and credits claimed to take maximum advantage of the changes being brought about by the legislation.

Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting, is available to discuss the following issues in more detail:

  • What are the key components of the Ways & Means Committee bill and Senate Finance Committee Chairman’s Mark
  • What is new in the amendments to the House draft
  • How does the Senate mark differ from the House bill
  • How are the prospects for enactment in 2017 looking
  • What tax planning should taxpayers be thinking about for 2017

Contact: To arrange interviews with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact:

MARISA WESTCOTT           BRENDA AU
646-753-2980 847-267-2046

Marisa.Westcott@wolterskluwer.com

Brenda.Au@wolterskluwer.com

 

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Wolters Kluwer Tax & Accounting
Marisa Westcott, 646-753-2980
Marisa.Westcott@wolterskluwer.com
or
Brenda Au, 847-267-2046
Brenda.Au@wolterskluwer.com

Source: Wolters Kluwer Tax & Accounting

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