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Tax bill heads to president’s desk

Photo by Ben Nuelle

The House and Senate passed a historic tax bill that now heads to the President for his signature.

The House passed the $1.5 trillion tax bill Wednesday. They were forced to revote after last-minute changes were made to the Senate version Tuesday. House lawmakers approved the tax bill 224 to 201. It passed the Senate 51 to 48 overnight.

Most of the changes made by the Act will go into effect January 1, 2018, and will not impact the 2018 filing season (2017 tax year). However, some changes will be near-term, such as payroll procedures (yet to be determined) and bonus depreciation rules.

In a webinar 12:00 to 2:00 pm central January 18, the Center for Ag Law and Taxation will review the Act’s changes to pass-through business income and impacts to business entity planning with Bob Jamison, author of S Corporation Taxation, published by CCH Incorporated.

On January 24, from 12:00 to 2:00 pm Central, CALT will partner with the Iowa Bar to bring a tax update reviewing both individual and business impacts of the new law, as well as information tax practitioners must know for the 2018 filing season.