Tax reform is here! On December 20, 2017, Congress passed the much-anticipated tax reform bill and with President Trump's signature on December 22, 2017, the bill has become law. With minor exceptions, the bill is largely effective January 1, 2018. This legislation achieves the largest changes to the tax code in a generation, and greatly modifies the income, estate, gift and generation-skipping taxes for individuals, businesses, estates and trusts.
As an annual physical exam is important for maintaining good physical health, an annual tax examination is important for maintaining good financial health, especially when changes are occurring. A little time invested in year-end tax planning can result in significant tax savings later.
In this 2017 Year-End Tax Planning Guide prepared by The Tax Accounting Group (TAG) of Duane Morris, we walk you through the steps needed to assess your personal and business tax situation in light of the new law and identify actions needed before year-end to reduce your 2017 tax liability.
We recognize it is very late in the year but Congress did not exactly give us much time to plan (nor execute such plan). Nevertheless, there still may be time for you to take advantage of tax-savings strategies. However, if you are interested you will need to act quickly.
We hope you find this guide valuable, and invite you to consult with us regarding any of the topics covered or your own unique situation. For additional information, please contact Michael A. Gillen or the practitioner with whom you are in regular contact.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.