On December 13, 2017, The Georgia Society of CPAs (GSCPA) hosted Don Farmer’s 2017 Federal Tax Update at the Cobb Galleria Centre in Atlanta. The premier tax event featured Don Farmer breaking down proposed changes within the 2017 House and Senate bill for Tax Reform. For many in attendance it was not their first time at a Don Farmer speaking engagement; several commented they have trusted Don with their hard-to-answer tax questions for years. 

This year’s inquiries focused on the possible changes in both versions of the bill, and how to best advise clients for the upcoming tax season. One attendee, Glenn Thornberry, remarked that “client consultations have increased with the growing likelihood of tax reform. They are asking whether they should defer income until next year; should they be divorced in 2017 or 2018; should their business convert; and change structure?” 

Don Farmer personally answered these questions, and many others, one-on-one with attendees during breaks. In an interview with GSCPA, he itemized the top five things to be aware of for the upcoming tax season:

1. Know what’s in the bill.
2. Many will defer income next year and accelerate deductions this year if the bill passes.
3. Lower tax rate for owners of S Corp, proprietorship, and partners.
4. Less estate tax, 11 million two instead of 5 million six.
5. Answer health coverage questions on form 1040 or it will not be processed.

Mr. Farmer also stressed the time sensitive nature of this information; news broke at lunch time that a final version of the bill would be released in the upcoming week. 

While it’s hard to make predictions on what the final bill will look like, Mr. Farmer’s highly informative books and hand outs are still coveted tools of those in the profession. Attendee Lynne Savage voiced her concerns on the lack of information surrounding the bill, noting “it’s hard to educate clients when we know as much as the public. Don is always knowledgeable and informative; this fourteen-page hand out is a great tool to have.” 

For those unable to attend the sessions or view the live stream, Don Farmer’s 2017 Federal Tax Update is now available On-Demand.

Don Farmer is back in Atlanta on Friday, January 19, 2018! Review the provisions of the Tax Cuts and Jobs Act of 2017 Tax Reform, which he believes affects the vast majority of individual and business taxpayers, using a combination of humor and examples. Emphasis will be on tax planning for individuals, corporations, and non-corporate businesses. *Please note: space is limited for the in-person seminar. Live stream space is unlimited.

Register for Don Farmer Tax Cuts and Jobs Act of 2017 Tax Reform In Person
Register for Don Farmer Tax Cuts and Jobs Act of 2017 Tax Reform Live Stream