Tax Reform: Impact on Businesses and Individuals
Bruce Booken and Rose Wilson, Shareholders in the firm's Tax section, present a broad overview of the 2017 Tax Act's impact on businesses and individuals.
The presentation details:
- Significant corporate changes
- New pass-through deduction and its limitations
- How might companies restructure or rethink their strategies to take better advantage of pass-through deduction?
Individual Tax Changes:
- Tax rates and brackets
- Capital gains and dividends
- Deductions
- Limitations on home mortgage interest and home equity debt
- Moving expenses
- Alimony
- Child tax credit
- Alternative minimum tax
- Estate, gift and generation-skipping taxes
- Estate planning opportunities
Business Tax Changes:
- New limit on deduction of business interest
- Application to partnerships and S corps
- Modification of expensing for depreciable assets
- Expenses
- Sexual harassment or abuse settlements
- Choice of entity
- New partnership audit rules
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