President-elect Trump may not take office until January 2017, but many taxpayers are already wondering how his proposed tax plan may impact their tax positions. The Wolf Group advises its clients and prospects that although we are staying abreast of current and proposed future tax modifications, proposed changes to the tax law are in flux and may continue to be ambiguous until the first quarter of 2017.
Below is a synopsis of several tax changes proposed by President-elect Trump which may impact 2016 year-end tax planning:
With the uncertainty of whether these changes will be enacted, The Wolf Group cautions that any advice provided in this communication is educated speculation. “Reform involves changes and change involves complexity,” said The Wolf Group’s Managing Director, Len Wolf. “Tax reform and tax simplification, ironically, often result in complexity. New tax legislation often requires a transitional period. The proposed tax changes in President-elect Trump’s tax plan may not be fully enacted until several years from now.”
If you would like to discuss your particular tax position and the potential implications of President-elect Trump’s proposed tax plan with an advisor, please contact The Wolf Group, or schedule an appointment by contacting our New Client Lead, Fan Chen, at (703) 652-1737.