With the election of Donald Trump as President of the United States and the Republicans retaining control of both chambers of Congress, an overhaul of the U.S. tax code next year is likely. President-elect Trump’s comprehensive tax reform plan, released earlier this year, would greatly affect many individuals. The plan proposes to:
The House Republicans’ plan is somewhat different. Exactly which proposal will make it into legislation and signed into law is uncertain, but it is anticipated that major changes will be enacted. We can help you create the best year-end tax strategy based on how potential changes may affect your specific situation.
For a more comprehensive look at the Trump tax plan, click here to read Berdon’s recent Client Alert.
To discuss how this plan might affect your tax situation, contact me at HZemel@BerdonLLP.com or your Berdon advisor.
Hal Zemel, a Tax Principal at Berdon LLP, New York Accountants, has more than 20 years in public accounting and advises businesses in the real estate, service, and manufacturing sectors.