On December 2, 2017, the U.S. Senate passed its version of the Tax Cuts and Jobs Act, which follows a prior passage on November 16, 2017, of a House version of the tax bill.  The bills must now be reconciled by a joint committee of House and Senate members, but both bills would make significant changes to the Internal Revenue Code rules affecting executive compensation paid by tax-exempt employers and publicly traded companies, which would require employers to review and possibly restructure their executive compensation arrangements, in some cases prior to 2018.  Read more about these changes and suggested action items for employers here.