Proposed Tax Reform Provisions by the House and Senate November 28, 2017

There are differences between the tax reform provisions proposed by the House and Senate. More changes are likely to occur as the Senate votes on its version in the next several days. Then, there must be a reconciliation of differences before we finally see the Tax Cuts and Jobs Act head to the President’s desk for signature.

Western CPE instructor, Mark Mirsky has provided us with a summary of the differences for both businesses and individuals.

View Summaries (PDF)
Tax Cut and Jobs Act of 2017 – Business Proposals
Tax Cut and Jobs Act of 2017 – Individual Proposals

Update: The tables below have been updated with the latest information available, as of 12/2/2017.

DIG DEEPER:

How The $3.5 Trillion Budget Blueprint Could Impact Your Clients

The new reporting requirements on brokers are addressed in Section 80603 of the bill. “Broker,” by definition in Sec. 6045 (c)(1), is expanded to include “any other person who (for a consideration) regularly acts as a middleman with respect to property or services…A person shall not be treated as a broker with respect to activities consisting of managing a farm on behalf of another person.” In turn, the bill defines a “digital asset” as “any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary.