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Additional information on Tax Reform Proposal

Somerset provides an update on the first step in Tax Reform that was announced last week.




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The first step in Tax Reform was announced late last week. This is just a starting point in the process. There are some significant changes ahead but the initial changes announced are far from being finalized. The House Ways and Means committee is currently marking up the initial bill that is summarized below. The Senate will come out with its version later this week. We will compare the two plans to see what is similar in both plans which typically gives us a very good idea what will be in final legislation. It appears the legislation will be effective in 2018 so year end planning will be critical this year. Stay tuned as more updates will be forthcoming from us as the amendments to the legislation take place. 

Click here to read Tax Reform Update for Individuals

Click here to read Tax Reform Update for Business

Reach out to your Somerset advisor with any questions.

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