Dear Clients and Friends of the Firm:
As communicated in our last Tax Bulletin, the House and Senate recently passed and released proposals for tax reform titled the ‘Tax Cuts and Jobs Act.’ On December 20, 2017, the House of Representatives and Senate officially passed a unified version of this bill, written by a conference committee of the two legislative bodies. The bill was then signed into law by President Trump on the morning of December 22, fulfilling his promise of enacting tax reform prior to the Christmas holiday. In light of the new tax law, which makes significant changes to current tax policy, Chilton Trust wanted to highlight some key provisions of the new legislation that may impact your taxes. As always, we strongly recommend that you consult with your tax advisor in order to assess how the new legislation may affect your personal or entity tax situation.