On November 2, 2017, the Ways & Means Committee released draft legislative text of a tax reform bill, the Tax Cuts and Jobs Act, which proposes sweeping changes to the rate of taxation for individuals and businesses. This is the start of a long legislative process towards enacting tax reform. Although this is a proposed bill, companies would be well advised to review their practices now, as if these changes go forward, there will be only a short time to prepare for earlier-than-expected taxable events.

As the proposals are in a state of flux, keep up with the latest developments here.