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The “Omnibus Appropriations Bill” was just reported by the United States Chamber of Commerce this morning. You can find the whole bill on the House Rules Committee website here. The revenue provisions are contained in Division T (p. 2033) (“grain glitch” fix) and the tax technical corrections are contained in Division U (p. 2056) (corrections contained in the “Tax Technical Corrections Act of 2016”).”
The United States Chamber indicates that beyond the “grain glitch” fix, no other technical corrections related to the Tax Cuts and Jobs Act (TCJA) are included in this legislation.
“This is unfortunate as there are many technical corrections that need to be addressed urgently so family offices and businesses – as well as their CPAs – can do proper tax planning,” said tax reform expert and CEO of Engineered Tax Services, Julio Gonzalez.
“We need to understand from the Omnibus Appropriations Bill, what qualifies as qualified income on pass-through businesses that is eligible for the 20% tax reduction. Also, we need more details on the tax treatment of qualified property and to know if there will be clawbacks when the gifting rules sunset. Without clarification of these issues and many others, it is impossible to do significant planning. Also, CPAs will continue to struggle with how to best advise clients,” added Mr. Gonzalez.
Tax planning for 2018 is an important issue to ensure complete tax efficiency. Elements of a financial plan working together in the most tax-efficient manner possible are key for CPAs and anyone in the tax industry. That’s why this issue is important to Mr. Gonzalez.