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House and Senate Pass Tax Reform Bill

On Dec. 20, 2017, the tax reform bill, called the Tax Cuts and Jobs Act, passed both the U.S. Senate and the U.S. House of Representatives. The bill is now expected to be signed into law by President Trump by the end of the day.

This tax reform bill, drafted based on a tax reform plan that was developed in consultation with the Trump administration, will make significant changes to the federal tax code. Specifically, the tax reform bill will have a substantial impact on businesses.

For example, it:

However, the tax reform bill does not affect the following tax provisions:

Baldwin Krystyn Sherman Partners will continue to monitor the tax reform process for any future updates.