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Originally Posted by Bigshot69
Based on what I've read this would seem to be where the legislation in Washington is headed. That said, after reading several articles I'm unsure how sole props, LLCs (Sole Member), and 1065 partnerships would be impacted? Perhaps maybe there is a CPA on here who would kindly provide their $.02?
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The supposed Republican plan is to significantly reduce the top tax rates for all businesses, not just S-Corps, down to maybe a 15%-20% max tax rate from the current 39%-39.6% max rates now existing for corporate/personal returns. This would supposedly include LLCs, partnerships, and even I believe sole proprietorships, not just corporations and S-Corps. The plans as outlined have just been very general though without any real detail. Not knowing the specifics and details, it is too early to really tell how each and every business type will end up being affected. So don't go running out and doing anything yet till we see what actually ends up getting passed as new tax legislation one day, if anything.
BobC