2017 Tax Act

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The 2017 Tax Act (formerly referred to as the Tax Cuts and Jobs Act) has brought a plethora of changes to tax law that significantly affect individual and business taxation. These changes provide meaningful opportunities for clients and their tax advisers to analyze and discuss its impact and to plan accordingly. Our tax attorneys are informed, experienced and ready to help. How can your business take advantage of these new provisions? Is change necessary? Where are the opportunities and what are the risks? With almost 60 years at the forefront of tax law, we can work with you to determine the best way to position your business with respect to these new rules, keeping in mind your specific business goals.

Preparing for the New Partnership Audit Rules: Why It's Critical to Act Now

Beginning with your 2018 tax return, every entity taxed as a partnership (which includes most LLCs) will have to take some level of action in respect to new audit rules. The new rules fundamentally change the way in which tax liability is assessed and collected. In order to best protect your business and its owners, every operating or partnership agreement should be amended. Lisa Starczewski explains why it's critical to act now and how we can help.

Sharing Our Expertise through the Bloomberg Tax Roundtable Discussion

In partnership with Bloomberg Tax, we’re providing knowledge and resources to guide your tax and business decisions. In an exclusive Bloomberg roundtable discussion, Lisa Starczewski shared her insights on the effects of the 2017 Tax Act on federal, state and international issues. Bloomberg featured the discussion in its 2018 Tax & Accounting Outlook. Listen to the podcast or read the transcript.

Watch the Buchanan and Bloomberg Choice of Entity Webinar

Hear from Lisa Starczewski and Bruce Booken on the new challenges surrounding Choice of Entity, part of Bloomberg's “Implications of the 2017 Tax Act” webinar series. Learn what you need to think about when considering restructuring an existing business or choosing a form of entity for a new business in light of the reduced corporate rate, the new 20% deduction on certain pass-through income and other tax reform changes that could affect the choice of entity decision. Lisa expands the conversation to include a wider array of topics in "New Choices and Challenges: Working Through Key Issues in the 2017 Tax Act."

Legislative Support to Achieve Your Tax Goals

Our Government Relations team is tackling tax reform, too. Timothy Costa and Ed Hild worked to gain the inclusion of a provision that allowed one of our clients to convert from an S corporation to a C corporation, modifying their level of taxation. They also preserved financing measures on behalf of an offshore wind company client by halting a provision that would have immediately eliminated tax credits that were set to expire next year. Contact our Government Relations team to learn more.

What Should Foreign-Owned U.S. Corporations Consider?

The tax act introduced two provisions that could affect the income tax liability of U.S. corporations that are foreign-controlled. One is favorable the other one unfavorable. Do you know how they could affect your business? John Warner provides insights in “Tax Considerations for Foreign-Owned U.S. Corporations After 2017 Tax Act.”

What Nonprofits Need to Know

Among the changes are provisions that specifically impact nonprofit organizations. From operations and compensation to charitable giving and calculations, we’re here to break down what these changes mean and how they may affect you. Richard Fox and Joshua Headley give a broad overview of the impacts in “What Nonprofits Need to Know.” Learn how each relevant provision has changed in Christine Boronyak Bowers and Bonita Wang’s before and after analysis, “Effects of the 2017 Tax Act on Nonprofit Tax-Exempt Organizations.”

What About Affordable Housing?

The reduced corporate tax rate impacts affordable housing developments financed with the low-income housing tax credit (LIHTC). What does that mean for projects pending and waiting on LIHTC financing? How will it impact investment? Is there a larger impact on low-income communities? Michelle Yarbrough Korb answers these questions, and others, in "Affordable Rental Housing Environment - Tax Reform and Other Factors."

When New Rules Don't Add Up, We Find Solutions

Through deep analysis of a portion of the new limitation on the deductibility of business interest, Lisa Starczewski and Bruce Booken find that the provisions related to application of this new limitation to partnerships do not operate as intended. Lisa and Bruce apply their knowledge to suggest a "fix" to the statutory language in "A Deep Dive into the New Business Interest Limitation Reveals Need for Correction." They dig even deeper in "A Deep Dive into New Limitations on Loss and Business Interest Reveals Complexity, Uncertainty, and Need for Correction."

Should You Adjust Your Wealth & Succession Plan?

Business owners and high net worth individuals may be individually affected as a result of the changes and should take a look at their own financial plans. Elizabeth Carrott Minnigh provides insight in "Personal Impacts of Tax Reform: Should You Adjust Your Wealth & Succession Plan?"

In Maryland, A New Estate Tax Exemption for 2019

Legislation recently passed in Maryland that will alter the amount exempt from state estate tax for decendents dying on or after January 1, 2019. This change signals a new trend in which states will be actively reviewing and changing their tax laws in response to the sweeping changes brought by the 2017 Tax Act. Elizabeth Carrott Minnigh and Joshua Headley discuss Maryland's new legislation, as well as changes we might see in other states, in "New Maryland Estate Tax Exemption for 2019, Signals Trend Following 2017 Tax Act."

Ready to address how these new tax laws affect you and your business?

Give us a call. Our attorneys can provide an analysis of how the 2017 Tax Act will affect your business, whether change is necessary to optimize the tax result under the new rules, and present options and pathways that ensure your business and tax goals are met.

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