MEDIA ALERT: Tax Reform: What You Need to Know Now as the Tax Reform Bill Moves to House/Senate Conference

Wolters Kluwer Tax & Accounting:

What: Wolters Kluwer Tax & Accounting has just released an updated tax briefing, “Tax Cuts and Jobs Act,” that provides analysis of potential tax implications in light of the Senate passing its version of tax reform legislation on a 51 to 49 vote on December 2, following the House passing its version on November 16, also with a relatively close vote.

While both bills have the same framework overall, there are a number of key differences that will have to be resolved in a House/Senate Conference. The conference agreement would then again have to pass the House and the Senate before moving on to the President. Congressional Republicans still hope to have tax reform enacted before year end.

Why: Taxpayers will want to use the remainder of 2017 to monitor tax reform developments and 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 some of the following issues in more detail:

• What are the key components of the House and Senate bills
• What are the key differences between the House and Senate bills
• How do the two versions handle some of the major areas of disagreement: tax bracket income levels, the state and local tax deduction, the child tax credit, the individual health care mandate, the alternative minimum tax, the estate tax, and taxation of business pass-through income
• How might the areas of disagreement be resolved and when

Contact: Members of the media interested in arranging an interview with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topic, please contact:

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