The Tax Cuts and Jobs Act of 2017 will have a profound impact on tax planning for corporations, partnerships, and owners of U.S. owned businesses, as well as on foreign investors.
Jerald David August walked attendees of the ALI CLE Special Edition webcast through the details of the biggest U.S. tax legislation changes since 1986 and how those changes will significantly affect tax planning for clients and tax practices, as well as examining the key provisions of the tax law and their practical effects.
Our expert panel examined the key provisions of the tax law and their practical effects, including:
- Reduction in U.S. corporate income tax rate and adoption of territorial taxation system for international business
- Repatriation of foreign earnings
- Reduction in maximum tax rate on pass-through income
- Retention of present rates of tax on personal service organizations and personal service income of individuals
- Impact of changes on choice-of-entity selection and entity conversions
- Tax accounting changes, including expanded availability of the cash method of accounting, increased immediate expensing of depreciable property, and possible elimination of the corporate AMT