Will changing tax rules affect your business?
Understand the potential impact of tax reform on business growth plans
From a major federal tax overhaul to specific state and local tax law changes, government entities are constantly adjusting the tax landscape for businesses. Further, both President Trump and the House Republicans believe that tax reform is essential if the U.S. economy is to increase its rate of growth.
As a business leader, you need to be aware of what is happening and what may happen to the taxation of your business. When the rules are constantly changing, that can be difficult. We stay on top of changes – and potential changes – so that you can plan your business strategy accordingly.
During an RSM webcast on Nov. 16, Patti Burquest, Principal in Charge, Washington National Tax, discussed the current status of tax reform legislation. With a version of the Tax Cuts and Jobs Act now moving through Congress, passage of tax reform in the next few months is possible. Watch the clip below.
State & Local
The Senate Finance Committee released the statutory language of its tax reform proposal revealing additional information on the proposal.
House and Senate proposals to reduce taxes on pass-through income differ dramatically. Here are some illustrations.
Some statistics are worth a thousand words. Here is what the official revenue estimates reveal about the competing tax reform proposals.
The House and Senate must compromise their competing views on tax reform. Here are the major issues in dispute.
The House passes its tax bill. Senate Finance passes its version. But opposition and new issues are emerging in the full Senate.