Johnson Price Sprinkle PA (JPS) accounting firm provides a quick update on where we are in the tax reform process. JPS is a sixty-year-old firm serving small to middle market businesses with tax, business consulting, audit, fraud, and cybersecurity services.
The Process of Reconciliation
On November 16, the House passed its version of the tax package. This was followed by the Senate’s 51 – 49 vote to approve their bill late last week. So at this point, nothing is law as the two bills must now be reconciled and a single version approved.
The Senate and House will appoint members of their respective branch to be on the Joint Committee on Taxation (JCT). The JCT will reconcile the differences in the two bills with the intent of presenting a reconciled bill for final approval of both Senate and House. This may not be a quick process as the two bills have significant differences.
Significant Differences in the Bills
The table below will summarize certain of the significant differences in the two bills which are to be reconciled by the JCT.While the items shown in the table above are only a few of the differences in the two bills, it is clear the JCT has their work cut out for them over the coming weeks.
While the items shown in the table above are only a few of the differences in the two bills, it is clear the JCT has their work cut out for them over the coming weeks.
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