Today, we wrap up our discussion of the changed IRS code, the changes made by the Tax Cuts and Jobs Act (sic). The series started last Wednesday or Thursday, where we discussed personal tax provisions of the law. On Monday, we started discussing the business tax provisions. And, now some 6000 words later, we are completing the changes in the bill.
So, what does the Senate version of this bill (HR-1) do? By and large, the Senate bill matches HR-1. But, there are some significant differences. It’s not clear which house will prevail in their interpretation of the various changes (or that the Senate version passes at all). But, again, tax planning is critical- we need to know what may happen. We need to discern what changes this Senate version- if it passes- will have in conference, when the House and Senate work out the differences in their versions.
Let’s reiterate what I said yesterday– I don’t expect this bill to pass. Certainly not the way it was presented in the bill. These posts were written on 2 November- when the bill was published. Since then, the House has proposed changes to its own bill. And, 1 week later, the Senate published a slightly different version- which means that I will be adding to this series to contrast the differences between the two bills. (This series that was 5 blogs will now be 7.)