HWH Tax Alerts
On November 9, 2017, Senate Finance Committee Chair Orrin Hatch (R-UT) released his mark (the “Senate proposal”) of H.R. 1, the Tax Cuts and Jobs Act, for consideration by the full Senate Finance Committee (“SFC”) beginning on November 13, 2017. On the same day, the House Committee on Ways and Means approved a modified version of the original House bill. The following material highlights certain important differences between the Senate proposal and the House bill, as amended.
On November 2, 2017, the House Ways and Means Committee (“W&M”) Chairman Kevin Brady (R-TX) released the first draft of its tax reform bill, H.R. 1, titled the Tax Cut and Jobs Act (the “bill”), providing an initial glimpse at what the tax code may look like after its anticipated overhaul by the current Congress. Most of the bill is scheduled to take effect on January 1, but, if negotiations continue into 2018, a new effective date could be set, or provisions could be made retroactive.
On August 4th, the Treasury Department and IRS released temporary and proposed regulations addressing the manner in which partnerships may make an early election to apply the new partnership audit rules created by the Bypartisan Budget Act of 2015 ("BBA") to partnership tax years beginning after November 2, 2015 (the date the BBA was enacted) and before January 1, 2018. For partnerships not making the early election, the new audit regime will generally apply only to tax returns for partnership tax years beginning after December 31, 2017.
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