by Gregory S. Dowell
December 8, 2017

The following letter was prepared and distributed to clients and friends of Dowell Group, LLP. The letter discusses individual and business tax planning ideas that may be appropriate in certain situations. This does not represent tax advice, as every situation must be considered on its own merits. We always encourage our clients to contact their tax professionals for advice specific to their situation.
Dear clients and friends,
Proper planning for taxes is key for many taxpayers. In a normal year, planning calls for a taxpayer to take stock of their situation, and to determine what steps should be taken to optimize the income tax picture.
As usual, our leaders in government have chosen to act at the last minute, making it difficult (if not impossible) to take proper planning steps. With no idea as to how the Senate and the House will reconcile key differences in their tax bills, all of us are shooting at a moving target.
In this communication, we will provide checklists of actionable items you may wish to consider in the remaining days of 2017. Those checklists will be broken out between individuals and businesses for your ease of use. Please note that we have also included some non-tax matters for individuals to consider in these final days of 2017.
We are also providing you with a summary, as best we can, of how tax reform might affect individuals, businesses, estate & trusts, and investors. Tax reform will prove to be a very personal matter for most taxpayers, in that each taxpayer’s specific situation may dictate specific actions. When it comes to tax reform, a one-size solution will not fit all taxpayers in all cases.
Unfortunately for taxpayers in the U.S., the situation will remain fluid and will be subject to change right up to the date that the House and Senate agree to a compromise (if such a date occurs). Even then, the bill has to be signed by the President to become effective. What we can tell you is that there will often not be a clear decision path at this time; you may find yourself hedging bets. We suggest that you check our website often for updates (www.dowellcpa.com). We have many articles posted on the site that are specific to individuals, business owners, fiduciaries, and nonprofits.
We began the year as Bass, Solomon & Dowell, LLP, a firm founded by Ray Bass, Harold Solomon, and Greg Dowell in 1992. After 25 years of service and growth, we carry on the efforts of those three founding partners under the new banner of Dowell Group, LLP. Whether you might be a client or a friend of the firm, we also want to take the time to thank you. We know that we would not be here without you. Whatever your faith or spiritual beliefs, we wish you peace and good health this holiday season and in the years ahead.
Dowell Group, LLP
2017 YEAR-END CHECKLISTS
Regardless of whether any tax reform bills pass or not, these are some actions you should consider in the remaining days of 2017:
Individuals – Year-End Tax Planning
Individuals – Other Considerations at Year-End
Businesses – Year-End Tax Planning
TAX REFORM
Tax reform is the elephant in the room when it comes to this year’s tax planning, and no one knows what the final product of the House and Senate bill will be. With that limitation in mind, we offer the following thoughts on planning in anticipation of tax reform:
INDIVIDUALS:
BUSINESSES:
ESTATE, TRUST, AND GIFT TAXES:
INVESTORS:
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