The AAO’s federal lobbying team (Arnold & Porter Kaye Scholer (APKS)) has provided the AAO with a basic overview about the details of the new tax reform law.
Disclaimer: APKS does not represent individual orthodontists, and the information provided does not constitute tax or legal advice by APKS or the AAO to any recipient of the information. It is recommended that all AAO members be in contact as soon as possible with their own accountant and legal counsel about the new tax law. APKS indicates that some changes in the law may create conditions where individuals and partnerships/corporations have incentives to accelerate select financial decisions into the final days of 2017 (examples might include, but not be limited to, prepaying Q4 2017 state taxes before the end of the year, prepaying local 2018 property taxes if allowed, accelerating some planned charitable giving in 2018 to take advantage of the deduction versus 2017’s higher tax rate, and possibly pre-paying membership dues for 2018). Again, you’ll need to check with your accountant for your specific situation, and nothing herein should be considered tax or legal advice. As you may be aware, the short time frame for the passage of this law has created multiple questions, and it will take some time for all the answers to emerge. For those reasons, it is recommended that you make time to talk with your tax preparer and attorney about the impact of the new tax law on your personal/practice situation.
To see APKS’s analysis, please view the file here: AAO Tax Memo Final.pdf