As a follow-up to the broad “Unified Framework for Fixing Our Broken Tax Code” released by the White House on September 27th, the House Ways and Means Committee released legislation on November 2nd titled “The Tax Cuts and Jobs Act.” The stated goals of the legislation are to simplify the tax code, reduce tax rates for individuals and businesses, and make America a more competitive place for businesses. Here is what you need to know:
It’s hard to tell how this will impact you because there is still a long way to go before any version of this proposed legislation gets passed as law. We are keeping a close watch on the situation and will keep you updated on any changes. Any questions? Give us a call at 210.733.6611 or email us at firstname.lastname@example.org.
Written by: Allison Miller, CPA