Tax Reform Act of 2014: Discussion Draft

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The Ways and Means Committee Majority Tax Staff recently released the first discussion draft of the proposed Tax Reform Act of 2014 by Chairman Dave Camp.  The 194 page attachment summarizes each section of the Act and includes such topics as Tax Reform for Individuals, Alternative Minimum Tax Repeal, Business Tax Reform, Tax Exempt Entities, Foreign Income, and Excise Taxes.  The crux of the Act is to aid in the simplification of the complicated tax code and exemptions that exist in the current system.  While we at Keiter believe that this Act will face many hurdles to get approved, we will continue to monitor the status of the progress of the Tax Reform Act of 2014 and post updates as they become available on our Keiter Blog.  Please contact your Keiter Tax Professional with any questions you may have about the progress of this Act and its impact on you and your business.

Source: The Ways and Means Committee Majority Tax Staff

About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


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