Tax laws—Tax laws, where art thou tax laws??

Rick Walter, CPA
Latest posts by Rick Walter, CPA (see all)

Is this the craziest first year of a new president that you have ever seen? I am amazed each time I listen to the radio or watch the news.

I keep thinking at some point congress and the president will focus on important issues that can help this country but instead it is all “Russia this and Russia that—Obama Care this and Obama Care that”.

My clients continue to ask me for advise on tax issues and my crystal ball is as cloudy as our smoke filled skies. I know what the Trump plan is. The problem is when will it be enacted (if it is ever enacted) and how much compromise will occur.

We just have to continue with the laws that are in place and hope that no retroactive application of the law is part of the bill. If that is the case, we can move forward knowing what the law is and plan accordingly.

Just recently, I met with a client who’s attorney put his assets in a trust and moved title out of his name. All of this in anticipation of laws that have not passed.

Should estate laws pass that could hurt my client, the attorney will look like a hero. However, should the estate tax be eliminated, all this work and all the fees will have been wasted.

The laws that are in place currently should be reasonably safe until the end of the year, but I thought that about my first marriage.

Thanks for listening and I will talk at you again.

Author: Rick Walter, CPA

Rick Walter brings over 25 years of professional tax and accounting experience to Hutchinson & Walter. Specializing in small to mid-size business entities and start up organizations, Rick brings a deep understanding of the unique tax compliance and accounting issues specific to those entities.

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