The Trump administration and Congressional GOP leadership have unveiled a tax reform outline. The framework calls for dramatic tax cuts and simplification: lower individual tax rates under a three-bracket structure, nearly doubling the standard deduction, and a significant reduction in the corporate tax rate; along with changing the tax treatment of pass-throughs, expanding child and dependent incentives, and more.
At this time, the framework is just a proposal. No legislative language has been revealed. The framework builds on a broader “outline” the Trump administration released in April 2017.
As a partner, I have thorough experience providing tax services to individuals, privately held businesses, nonprofit entities and estates and trusts. I also provide compilation and review services.
