As you may have read, the full House voted to adopt the Tax Cuts and Jobs Act (H.R. 1) last week. The Senate Finance Committee has approved the “Chairman’s Mark” [in effect, as final draft], and the full Senate will take up its vote of the amended bill after Thanksgiving.
As we previously noted, neither the House nor the Senate versions of the TCJA include the provisions that would have made nonqualified deferred compensation taxable. Hooray!
However, both the House and Senate versions includes the devastating changes Section 162(m).
Take the rest of the week off, and have a happy and thoughtful Thanksgiving.
But stay tuned.