Donald Trump’s election as the 45th President of the United States is expected to bring changes to the tax laws for individuals and businesses. Throughout his campaign, Trump said he would propose lower and consolidated individual income tax rates, expand tax breaks for families, and repeal the Affordable Care Act (Obamacare).
More immediately, the results of the November 8 election may impact year-end 2016 tax planning due to last minute provisions passed by the “lame-duck” Congress or the new Congress early in 2017.
Please click here for a Wolters Kluwer Tax Briefing that covers the following proposed tax changes and their impact:
• Possible Revisions to Tax Code for Individuals
• Possible Revisions to Tax Code for Businesses
• Remaining Extenders Could be Decided
• Year-End Legislation May Include New Tax Incentives
Contact an MCB Tax Advisor today to discuss new tax law changes and to assist you in year-end tax planning and reporting.