Trump's tax reform signals troubles for tax preparers

Tax Reform FOXBusiness

Tax companies preparing for possible GOP tax reform

Liberty Tax CEO Ed Brunot explains how his company is preparing for Trump's tax reform plan, which the GOP has said it hopes to pass by 2018.

Tax preparers may be the target of President Trump as the administration looks to push its massive tax reform plan and downsize your tax returns while doing it.

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In an exclusive interview with FOX Business’ Liz Claman, Liberty Tax CEO Ed Brunot said his company remains optimistic over the Trump administration tax overhaul plan.

“The good news is regardless of what the changes are if it’s good for small business it’s good for those individuals,” Brunot said on “Countdown to the Closing Bell.”

Republican lawmakers from high-tax states such as New York, California and New Jersey are pressing the Trump administration to consider the elimination of state and local tax deductions that may push the tax reform by year’s end.

“It’s always very difficult to understand where the process will go and all our focus really is with our tax professionals standing ready to assist our customer base regardless where the change on how to navigate through that process,” Brunot said.

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Liberty Tax specializes in the preparation of tax returns for individuals and small businesses representing over 1,800 individual franchisee owners in over 4,000 individual location across the United States and Canada.

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“There’s still a large portion of the U.S. population that prefers to have tax professionals help them with their tax filings,” he said.

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