The 2017 Tax Reform Bill has been passed by both Houses of Congress, and President Trump has signed it into law.

Most of the provisions in this legislation are effective January 1, 2018. However, some are effective as early as September 27, 2017. Thus, this legislation will even impact some 2017 tax filers.

This is the largest piece of tax legislation since 1986. The changes and impact will be extensive, and Ally will be dissecting the extensive legislation over the next few days and weeks in order to come up with every strategic planning opportunity that is available in the legislation.

We look forward to working with many of you through the end of 2017 and into 2018 to best position your business and reduce your tax liability to the extent allowable by law. There are still many questions to be answered in order to plan accordingly given the magnitude of the legislation. Some of the provisions are quite complex and unclear as to how certain businesses will be affected. As we dissect this legislation, you can be assured we will up to speed on how to best help your business.

If you have questions, or if we can help you understand the new tax bill or any of your accounting needs, please don’t hesitate to call or Email.

Jared Hammack, President

Email: jhammack@allycpa.com or Phone: 317- 387-9981