"Fasten your seat belts. It's going to be a bumpy night."
In the classic Hollywood movie All About Eve, Bette Davis offered that advice to party-goers, and they were well-advised to heed it. The same advice applies as we begin a new year and the start of a Congressional session that is very likely to bring dramatic changes to our tax system. Those who say they know what will happen in the next six months have either perfected time travel or are not paying attention. Presidents generally begin their term of office planning to change everything, and if they are lucky they can bring about some incremental changes. It's unlikely that incoming President Trump will have the first 100 days experience of Franklin Roosevelt in 1933. But it seems likely that our tax and regulatory system will be much different at this time next year. High on the new President's agenda is corporate tax reform and the repatriation of earnings from overseas. There has been discussion of estate tax repeal, but that's lower as a priority. Also uncertain is the fate of the Department of Labor's proposed fiduciary rule for investment advisors and the proposed Treasury regulations on valuation discounts. Whatever changes do occur will require close analysis. There will be opportunities to profit from the changes we are about to experience. Those who understand and take advantage of the changes will prosper. We will try through this blog to provide information as quickly as possible when changes happen, and explain how those changes may be helpful.