As 2017 draws to a close, the uncertain tax and legislative environment means that year-end tax planning is more important than usual. To help individuals and businesses prepare for filing season, Grant Thornton LLP has some tips.
A new 50-state analysis of the tax reform bill passed last week by the Senate Finance Committee finds the plan would increase taxes on at least 29 percent of taxpayers by 2027 and cause the populations of 19 states to pay more in federal taxes than they do today.
The Republican tax-overhaul effort is in for a marathon debate on the Senate floor at the end of this month, with dozens of doomed Democratic amendments. But the real action will be elsewhere, behind closed doors.
For more than 30 years, colleges and universities have leaned on an obscure tax rule that allows sports boosters to make tax-deductible contributions to their teams. Athletic fundraisers around the country say that’s an advantage that generates millions in annual revenue—and one that’s threatened by Republican tax legislation.
The House passed tax reform legislation Thursday by a vote of 227-205, with 13 Republicans voting against the bill, as the Senate Finance Committee continued debating and marking up a significantly different version of the bill.
Treasury Secretary Steven Mnuchin is mounting a cross-country roadshow to persuade businesses and the Republican faithful to put their weight behind a proposed tax overhaul from the Trump administration that so far lacks broad public support.
House Speaker Paul Ryan said temporary provisions in the GOP tax bill won’t really go away in a few years—he predicted that future Congresses will preserve them, and he didn’t mention the impact that would have on the federal deficit.