11/06/17 Last week, at Withum Smith & Brown’s 2017 Global Summit in NYC, we heard about political and policy influences on the ever-changing global environment. Also discussed was the new US House tax reform bill. While the final bill will be different from this first draft, the bill signals some major changes. Changes means winners and losers. The uncertainty faced by taxpayers today, poses a tremendous challenge – how to adapt. After the final tax bill is passed, taxpayers must quickly act to refine, reinvent or even reshape their own financial position. This is not easy when the changes happen close to the end of a year. However, Withum had some first steps, accelerate deductions and delay income. In addition to changing for this tax year, taxpayers need to look long-term at these new provisions. Home ownership seems to be under attack with limitations on both mortgage interest and real estate taxes. What is a taxpayer to do? Speak with a professional, and learn to be more adaptable.
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