As posted by Thomson Reuters on 12/22/17 On 12/22/17, President Trump signed into law H.R. 1, the “Tax Cuts and Jobs Act,” a sweeping tax reform law that will entirely change the tax landscape.  The legislation reflects the largest major tax reform in over three decades. This Tax Planning Letter, which refers to the Act by its commonly used name, “Tax Cuts and Jobs Act”(or simply, the “Act”) describes key changes made under that Act that would affect sole proprietorships, S corporations, partnerships, tax-exempt organizations, electing small business trusts, and retirement plans, including a new deduction for pass-through income. For comprehensive summaries on other areas of the new law, see: (#243) Highlights of the “Tax Cuts and Jobs Act”- Business Tax Changes (#244) Highlights of the “Tax Cuts and Jobs...

As posted by Thomson Reuters on 12/22/17 On 12/22/17, President Trump signed into law H.R. 1, the “Tax Cuts and Jobs Act,” a sweeping tax reform law that will entirely change the tax landscape. The legislation reflects the largest major tax reform in over three decades. This post, which refers to the Act by its commonly used name, “Tax Cuts and Job Act” (or simply, the “Act”) describes key individual tax changes that are made under the Act.  This comprehensive tax overhaul dramatically changes the rules governing the taxation of individual taxpayers for tax years beginning before 2026, providing new income tax rates and brackets, increasing the standard deduction, suspending personal deductions, increasing the child tax credit, limiting the state and local tax deduction, and temporarily reducing the medical expense...

As posted by Thomson Reuters on 12/22/17 On 12/22/17, President Trump signed into law H.R. 1, the “Tax Cuts and Jobs Act,” a sweeping tax reform law that will entirely change the tax landscape. The legislation reflects the largest major tax reform in over three decades. This post, which refers to the Act by its commonly used name, “Tax Cuts and Job Act” (or simply, the “Act”) describes key business tax changes that are made under the Act.  Among the changes are a permanent reduction in the corporate tax rate to 21%, repeal of the corporate alternative minimum tax (AMT), imposition of new limits on business interest deductions, and a number of changes involving expensing and depreciation. For comprehensive summaries on other areas of the new law, see: (#244)...