Thanks for taking the time to analyze the current bill on your website. Very informative, it matches my interpretation of the bills language as it applies to pass through entities (I did "try" to read the legalese). As it stands, it seems that my s-corp consulting firm, being a professional services entity, would be required to run 100% of my firms payout to the owner through payroll, as I dont see any opportunity to run a % through distriubtions/owners draw. If this turns out to be true, I am looking at a deadline of adjusting payroll in roughly 6 weeks. How can the IRS expect me to comply with the new law, which MIGHT go into effect Jan 1, 2018, when the details arent even hashed out, or the bill approved?
Am I expected to make a last minute scramble the eve of Dec 31, only minutes after it (might be) voted into law? Seems like a ridiculous timeline. My accountant may need time to review the law once enacted before he can even advise his clients on how to comply moving forward? This feels like walking a tightrope, might there be any grace period for compliance if/when it is enacted?
Thanks for your consideration SeattleCPA.