What the GOP tax plan means for you (Hint: Nothing yet)
Ever since the tax plan was released earlier today, I have been teetering between a full dissection (high school bio fetal pig style) and a more cursory, surface review. I was reminded by a longtime industry colleague that tearing this plan down to it's nuts and bolts is probably a waste of time.
Why a waste of time? The plan revealed today likely looks nothing like what will be passed. It's not worth the time or effort to break it down until we know what it will actually contain. There are certainly some items in the proposal that should get tax professionals thinking so that they are, at a minimum, mentally prepared for various scenarios when the final plan hits.
To be clear, there is a chance that a tax bill of some kind is signed into law around Christmas. If that happens, the proverbial shit will hit the fan in the mad dash to squeeze enormous amounts of planning, governed by new laws, into the final week of the year (if the new rules take effect Jan 1, 2018 which I'd say is unlikely but far from impossible) . Therefore, make sure all of your financials and planning items are up to date and ready to rock as there might be a lot of last minute moves that should be made in the final week of the year.
If you need help making sure all of your ducks are lined up in a row, feel free to reach out. Call, Email, or just fill out my contact form at the bottom of the homepage
Author:
Adam Ditsky, CPA
President, Ditsky Strategic