Growing Your Business

Tax Reform: What are the Pros Saying?

Tax Reform: What are the Pros Saying?

Today we launched our first monthly Twitter #TaxBuzzChat and it gave us the opportunity to discuss frequently asked questions about Tax Reform with industry leaders, tax experts and small business owners.

What is the difference between "tax cuts" and "tax reform"?

Do you know who the biggest winners and losers are in the GOP tax reform debate?

What impacts could tax reform have on small business owners?

Could tax reform actually raise my taxes?

These are just a few of the questions the pros discussed and debated in today's chat.

Thank you to everyone who participated! Be sure to check out the highlights of the chat below.

@TaxBuzzOnline will be hosting a #TaxBuzzChat on Twitter the first Wednesday of every month at 9am PT/12 ET. Our next chat will be Wednesday, November 1st. Don't miss out on the next hot topic!

Here we go. Q1 #taxbuzzchat #taxreform pic.twitter.com/py0GVxflG1-- TaxBuzz.com (@taxbuzzonline) October 4, 2017A1. Nothing! They are the same. Tax reform is where my taxes go down #taxbuzzchat— Phil Storrer (@phil_storrer) October 4, 2017Tax reform usually includes some tax cuts, but real reform restructures tax code to make it simpler, fairer, more efficient #taxbuzzchat— Kay Bell (@taxtweet) October 4, 2017Tax cuts are lowering the tax rates while #TaxReform is changing the way taxable income or deductions are calculated. #taxbuzzchat https://t.co/xGw94B7jtY— Brian Streig, CPA (@cbriancpa) October 4, 2017A1) Tax cuts can be the result of tax reform, but not always. Some get hikes while others get cuts. #taxbuzzchat— Rob Bonham (@Rob_Bonham) October 4, 2017politically, tax reform also tends to focus on economic impact; will/how much wil changes spur GDP, jobs, etc #taxbuzzchat— Kay Bell (@taxtweet) October 4, 2017

Now that you know the difference between "tax cuts" vs "tax reform", anyone have any guesses on how long it'll take to come to an agreement on the current bill for tax reform?

I think we're looking at another election cycle for real #taxreformtuesday #taxbuzzchat— Brian Streig, CPA (@cbriancpa) October 4, 2017my crystal ball is broken! so many #tax wants/needs, it should take more than the time we have left in current congress. personally, I want good tax changes, not political rush toward change #taxbuzzchat https://t.co/TtOjGA4vA9— Kay Bell (@taxtweet) October 4, 2017

A common question that is asked is if this reform will actually raise their taxes and does the middle class benefit from this reform?

Q3. #taxbuzzchat #taxreform pic.twitter.com/doCWiBpJIL— TaxBuzz.com (@taxbuzzonline) October 4, 2017Your taxes could definitely rise during #taxreform. Fewer deductions could cause taxes to go up even w/ lower rates. #taxbuzzchat https://t.co/lK7pYOvlIh— Brian Streig, CPA (@cbriancpa) October 4, 2017A3 Generally no since it cuts the tax rates. But there are always exceptions #taxbuzzchat #tax #taxrates— Lee Reams (@LeereamsSr) October 4, 2017yes, tax changes definitely could mean some people will see their personal tax burden increase; every tax tweak has winners & losers, many unintended #taxbuzzchat— Kay Bell (@taxtweet) October 4, 2017From what I've heard on the news, the middle class is not going to benefit from this #TaxReform #taxbuzzchat— Julie Wild (@wilddezign) October 4, 2017A4 Yes, those with earned income from #smallbusiness - 25% maximum. #taxbuzzchat #smallbiz https://t.co/ykDUjTm4Kz— Phil Storrer (@phil_storrer) October 4, 2017I know they want to target passthrough income but I'm not sure that's going to help middle class taxpayers. #taxbuzzchat— Brian Streig, CPA (@cbriancpa) October 4, 2017

Can tax reform be retroactive and what impacts could tax reform have on small business owners?

Q8. Thoughts on #taxreform #SmallBusiness #smallbiz #taxbuzzchat pic.twitter.com/aoLz5BrqE0— TaxBuzz.com (@taxbuzzonline) October 4, 2017Of course it "can" be (and has been before) - but "should" it be??? #taxreform #taxbuzzchat https://t.co/dLRHyKiGqQ— Brian Streig, CPA (@cbriancpa) October 4, 2017A5 Historically changes have been not retroactive. But with this administration who knows #taxreform#taxbuzzchat— Lee Reams (@LeereamsSr) October 4, 2017yes, has happened a lot, especially with expired tax extenders, but with new law changes it messes up tax planning/moves already made under current laws #taxbuzzchat https://t.co/9dwJimlfGy— Kay Bell (@taxtweet) October 4, 2017Q8 Small biz definition is so broad. Truly small, sole proprietors, microbusinesses probably won't get as much as the oxymoronic larger small businesses #taxbuzzchat— Kay Bell (@taxtweet) October 4, 2017Q8. Potentially lower tax on pass-thru income but this could require more compliance to prevent abuse. #taxbuzzchat #TaxReform https://t.co/jxah3nXbcx— Brian Streig, CPA (@cbriancpa) October 4, 2017A8 The maximum 25% tax rate may help the already very successful businesses but won't do much for the others #TaxBuzzChat— Lee Reams (@LeereamsSr) October 4, 2017

We had a great time chatting with our participants on such a hot topic. Tax Reform isn't going away anytime soon so feel free to use our #TaxBuzzChat hashtag or tweet us at @taxbuzzonline if you have any additional questions you'd like answered. You can view all the questions and full conversations here.

We'll be hosting #TaxBuzzChat the first Wednesday of every month at 9am PT/12pm ET for our monthly discussion on all things tax and accounting.  

share this post
Search for matches...
TaxBuzz Staff

TaxBuzz Staff

Our experts cover the hot topics in tax, personal finance and business planning. Follow us on @taxbuzzonline to get the latest updates year round.

Recommended Professionals

In the face of economic uncertainty, TaxBuzz is the industry's most up-to-date tax information.

Join 60,000 who get our weekly newsletter. No spam.

Need help selecting a firm?

Use our specialized search engine and get matched to the best accounting and tax firm for your needs.

Related Posts

Latest Posts