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U.S. Senate Passes the Tax Overhaul Bill: U.S. Senate Passes the Tax Overhaul Bill: What’s Next and How to Plan for 2018

In the early hours of December 2nd, the U.S. US Senate passed the tax overhaul bill in a vote of 51-49 mostly along party lines.

Tax Planning in December 2017

In planning for the final tax bill to become effective for 2018, there are many opportunities to delay recognition of income now that may be subject to lower tax rates and accelerate payment of expenses that will qualify for the itemized deduction. These include:

What to Expect Next

The next steps will be the House and Senate reconciling these differences and another full vote by each. Some provisions of the Senate bill are permanent, such as the change to the corporate tax rate; however, many are set to expire as early as the end of 2025.

Proposed Changes to the Tax Structure: How the Senate and the House Bills Compare

Individual Taxes

Business Taxes

Gibney is continuing to monitor these developments. For questions about the tax proposals or planning for 2018, please contact:

Gerald Dunworth
gdunworth@gibney.com

Meredith Mazzola
mmazzola@gibney.com