On December 20, 2017, the House of Representatives and Senate have both passed the “Tax Cuts and Jobs Act.” We are now waiting for the bill to be enrolled and signed by President Trump which we expect to take place within the next two weeks. This Bill brings the most sweeping changes in the tax code for individuals and businesses in 30 years. Included in the Bill is a drop in corporate and individual tax rates, an increase in gifting and estate exclusions and increased asset expensing. For more details on the provisions, visit our Tax Reform page.
As 2017 comes to a close, we recommend that you accelerate any deductions and defer any income to 2018 to take advantage of lower tax rates. If you have any questions on how these law changes will affect you and your business, please contact your Warren Averett advisor.