Year-End 2017: Tax Planning in an Uncertain Environment
As we approach the end of 2017, we find our country in the midst of some of the most significant tax law changes in decades. These changes will impact people in every area of the country, some more than others, and will change the way both businesses and individuals plan for not just 2018, but for years to come.
As part of our ongoing effort to keep our clients informed, CohnReznick has issued multiple tax alerts in recent weeks, including Comparing the House and Senate Tax Reform Proposals in Tax Cuts and Jobs Act and Planning for the Potential Repeal of the Estate Tax. As part of this broader discussion, we offer you the 2017 Year-End Tax Planning Guide, produced in conjunction with CCH/Wolters Kluwer. This guide provides insight that you may want to consider when planning your overall tax strategy for the upcoming year.The guide, which is available in two separate versions – one addressing issues that impact businesses, and the other focusing on matters that impact individuals – offers practical advice in areas that include:
- How to apply a review of traditional year-end techniques to year-end 2017, such as balancing income and deductions between the current and upcoming year through acceleration and deferral techniques
- How changes in personal and financial circumstances should be considered within 2017 year-end strategies
- How inflation adjustments that are required by the Internal Revenue Code to be made annually can impact certain decisions at year-end 2017
- How timing rules determine when income or a deduction is considered locked into a particular tax year within a variety of personal and business situations
Please note that for many taxpayers, it may be advantageous to defer income to post-2017 tax years, and accelerate deductions into 2017. However, the implications of any tax planning vary based on each taxpayer’s specific situation. Accordingly, please consult with your CohnReznick tax professional before implementing any 2017 or 2018 tax planning strategies. Please also be sure to check our website for additional updates during the year as changes are announced.
If you would like to discuss the topics addressed in this tax briefing, please contact Patrick J. Duffany, Managing Partner – Tax, at Patrick.Duffany@CohnReznick.com or 959-200-7270 or your local CohnReznick tax professional.
Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.