FROM ANTHONY J. MADONIA

Tony Madonia

Tax Reform and Clarity

Taxes. One of the few constants and questions these days. Now that Washington is taking a hiatus from focusing on the Affordable Healthcare Act, the line of sight is being placed on the budget and taxes. This is a big topic and there is a lot of speculation.

The window is open for meaningful tax reform to take hold in the next three to six months (maybe even sooner). Regardless of the rhetoric and even when legislation is proposed, there most likely will be little effect in 2017. Yet, this is a time to be vigilant. Chances are high that corporate rate structures will change and key industries like manufacturing and retail could be affected. Stay close to your tax professional, stay engaged with your state and local officials and be ready to respond to new requirements.

What is forefront and currently impacting business when it comes to tax is the impact technology has had on traditional business. As consumers buy more online (Amazon starts collecting sales tax nationwide effective April 1st.), “sharing” (rides, homes, etc.) becomes the norm and the mobile workforce increases, the greater the need for better clarity and simplification of tax rules. These are likely to be addressed soon, even separate and apart from the massive tax reform anticipated.

In the meantime, feel free to download the pdf of our 2017 Tax Brief. It provides a summary of the tax rules currently in place and changes within the last year.

At Anthony J. Madonia & Associates, Ltd., our clients and colleagues are our priority. We are here to support and collaborate to protect your interests. As always, we are focused on Providing the Right Directionâ„¢. If we can be of any help for legal or tax needs, please feel free to contact us.