Posted on 11/12/2017 11:46:43 AM PST by taildragger
Calling all Free-Republic CPA's and Enrolled Agents, and like professionals to chime in on the House and Senate Tax Bills.
I spoke to my CPA this past week, and my comments are here:
http://www.freerepublic.com/focus/news/3603945/posts?page=106#106
This thing needs to see the light of day, good, bad, or indifferent.
I look forward to all FR responses!
nothing will pass...GOP HOPELESS
“....Nothing will pass...GOP HOPELESS....”
Unfortunately, you are correct. The UniParty will do NOTHING that will help Trump or the USA...Nothing. The GOPe arm of the UniParty is a big fat NOTHING burger. They’ve done nothing, are doing nothing and will do nothing in the future....unless it benefits them...and the UniParty. They lied to their constituency and to the American People as a whole. They’re traitors and need to be voted OUT.
Lets hope so. These tax plans raise taxes on two earner middle class families all in order to pay for ryan and mcconnells corporate donors, US Chamber of Commerce. It is a major sham. Even the dirtbags are only promising a 1000$ tax cut. Thats not a tax cut, its a redistribution of who pays. A real tax cut would be an across the boards tax cut.
Any CPA/EA giving opinions on legislation that hasn’t been signed into law is well outside the boundaries of their professional practice, IMO.
Huh? Anyone can give an opinion based on the facts presented. Being a bit hyperbolic, aren’t you?
I have 40 years of experience with tax law changes. It is too early to know how this will affect anyone. The process includes a Senate Bill, a conference to agree house and Senate bills, followed by technical corrections acts, etc.
Then there is the analysis done by experts in the various fields to tell us what the law means when applied, the recognition of unintended consequences and the affect on state income taxes. Then tax court challenges, IRS regulations and rulings.
Finally, there is the changes people make in handling their financial affairs to mitigate and take advantage of tax law changes. For example, with the eliminating of medical deduction a wider use of HSA is likely, and the limit of interest on mortgages the use of margin accounts, etc.
It’s time to begin study but too early to call winners and losers.
Sorry to laugh out loud but nothing could be further than the truth.
The Big 4, and just about every law firm under the sun have put out numerous analysis, papers, advice, reaction as soon as they could do the write up.
Where practical to do so, I’m having clients deplete funds in qualified plans to the extent of their itemized deductions this year. Primarily, this is people with large medical expenses due to assisted living and nursing homes.
May as well get that stuff out of the plans while there’s still a deduction for it. It doesn’t hurt if the bill doesn’t pass but will be mighty painful if it does pass.
https://townhall.com/columnists/brucebialosky/2017/11/12/truth-about-the-tax-plan-n2407163
Please read the second paragraph from a tax professional.
Said CPA is looking at what is currently proposed, running it through software, & 30 years at the top if their game and the wisdom and knowledge of the code that comes f2fwith those years, and as someone who understands the swamp and Ryan and McConnell and they can’t send out a potential warning flag? Color me perplexed.....
It doesn’t matter whether the House or Senate versions pass. Both, or a combination of them, will be a disaster for upper middle income taxpayers. That includes taxpayers from all states, not just the ones with high state income taxes.
If you want to see the details go to the below website. Also, take your 2016 income tax return and plug the tax changes into that. I suspect many of you will be shocked at the tax increase you would have paid last year. If you pay state income tax, do the same check, especially if your state, like California, piggy-backs off your Federal tax return because without the deductions no longer allowed, your taxable state income will rise.
https://blackandcenter.blog/2017/11/11/two-points-on-the-gops-tax-hikes-and-jobs-act/
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