The possibility of tax reform, estimated at still better than 50/50 by most observers, requires thought, planning and action now for a number of reasons.

“Many planning opportunities will only be relevant if they are implemented before tax reform is effective,” said Dustin Stamper, director at Grant Thornton’s Washington national tax office. “You don’t want to miss potential permanent tax savings from things like accelerating deductions or repatriating income early.”

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