Congress has now passed a new tax code, in a 224 to 221 vote, which hadn’t happened since 1986. Although this will not affect our taxes in 2017, there are several things we must know and do to get us ready for the new changes.
The new bill leans heavily toward tax cuts for corporations and business owners, but it also expands or restores some tax benefits for individuals relative to the earlier bills passed by the House and Senate. There are several things we need to know as the bill becomes law.
- Significant changes have been made to individual and corporate tax rates and there are still seven tax brackets for individuals, but the rates have changed.
- Individual provisions will expire by the end of 2025, but most of the corporate provisions will be permanent.
- The new law eliminates personal exemptions, caps state and local tax deductions,
- Eliminates mandate for personal health insurance, plus much more.
How this new tax code affects us will be the next discussion at the Chamber’s How Will the Tax Reform Affect Me? “Breakfast & Learn” on Friday, January 19 from 8:00 a.m. to 9:30 a.m. at the McAllen Chamber, 1200 Ash Ave., McAllen. Tax
Partners of Burton McCumber & Cortez, LLP will review the highlights of the changes to the tax code and how it will impact you and your business. They will bring decades of professional tax experience to the seminar to share with you. Ricky Longoria CPA, CFE and Managing Partner of the firm will be moderating the discussion. Presenters will be Javier Alarcon CPA, J.R. Betancourt, CPA and Rebecca Garcia, CPA.
The cost to attend is $15 per members and $20 for non-members. For more information or to RSVP, please contact Gerry Garcia at 956-682-2871.