the rascon cpa firm, cpa services, accountant, accounting firm, tax planning, tax law, tax preparation, the woodlands, texasThe House Ways and Means Committee advanced to the full House the proposed Tax Cuts and Jobs Act (HR 1) on November 9, 2017. The committee approved, along party lines, a number of amendments to the original bill. The House is expecting to hold a vote on the bill during the week of November 13, 2017. Meanwhile, the Senate Finance Committee also released their version of the Tax Cuts and Jobs Act, which in many respects varies greatly from the version approved by the House Ways and Means Committee. The Senate Finance Committee is expecting to mark up their version during the week of November 13, 2017.

Possible roadblocks to ultimately getting a bill to the president’s desk before year end are unified opposition from Democrats, intense lobbying efforts to preserve tax breaks slated for elimination, and the significant differences between the House and Senate versions.

For highlights of the tax reform bill as approved by the House Ways and Means Committee, with comparisons to the version of the bill proposed by the Senate Finance Committee, along with advice on the impact of various provisions, click here.