By Jerald David August
Reprinted From The Winter 2018 Issue Of ALI-CLE's The Practical Tax Lawyer
Winter 2018 Edition
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (“TCJA”) of 2017, P.L. 115-97, which introduced a set of tax cuts and other reforms that will affect substantially all U.S. taxpayers, both corporate and individual. The key feature of the new legislation was the reduction by 40 percent of the maximum federal corporate income tax rate from 35 percent to 21 percent, including qualified personal service corporations.