The Dave Camp Tax Reform proposal includes several significant changes to the current Internal Revenue Code (IRC). Proposed changes to the IRC are a long way from becoming law, but taxpayers, both individual and business need to be aware of the discussion so they can communicate with their legislators the impact it will have on them. The proposal as it now stands will have significant impact on individual taxpayers as several deductions and credits that we have become very accustomed to would be eliminated, including contributions to an IRA. For business there will also be significant impact if the bill is passed as proposed. The proposed legislation would make 70% of the profits of an active partnership or S corporation subject to self-employment tax. Nichols Accounting will keep you up-to-date as the proposed legislation makes its way through the legislative process.
Pages 1-12 of the linked summary below, gives a brief description of each area the bill impacts.
Pages 12-17 is a simple line item heading of areas being completely eliminated.
Pete Nichols, CEO
The Nichols Accounting Group, P.C.
Click to Download: Dave Camp Tax Reform Proposal 03.03.14
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