The House recently passed the Tax Cuts and Jobs Act, and on November 28, the Senate budget committee passed their version of the bill.
Now, the two Chambers will need to reconcile any differences to produce one version. Legislation of this magnitude has not been seen in more than 30 years, and there is pressure to put a bill on the President’s desk before the Christmas holiday.
The entire team at Siegfried Advisory is closely monitoring the progression of this tax legislation so we can help our clients determine the impact and plan for the future.
Based on current information, we anticipate most legislation will apply to the 2018 tax year; however, some items may be retroactive to 2017. We’ve put together a summary document to share some of the developments, which are all subject to change.