Tax Alert: How the New Tax Laws Will Affect You Now and in the Future
Federal tax law reform is officially here and no, you will not be able to file your tax return on a post card. On December 22, 2017, in one of the fastest moving pieces of legislation to come across a President's desk, President Trump signed into law a bill generally known as the "Tax Cuts and Jobs Act" (the "Act") [the formal name of the Act is HR1 - An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018], which will undoubtedly impact most individuals and businesses beginning with the 2018 tax year. Some of these changes are only temporary tax breaks set to expire while other changes are permanent reform measures. Some of the changes also affect tax reporting for returns filed in 2017. Although this Alert will not cover all of the tax reform changes contained in the Act, it highlights many of the major areas that affect you now and will likely affect you in the future. If there is an area that you are particularly interested in that is not covered below, please do not hesitate to reach out to us.
In reading this Alert you may click and jump to the area of interest listed below or read through the entire alert. Please note that due to the breadth of the Act, discussion in the "International Operations" section may actually affect entities and individuals domestically (e.g. the global intangible tax). We have attempted to highlight certain of these tricky areas in the discussion linked below.
Click on a specific heading below to directly access that section of this Alert.
This Alert discusses the tax changes to:
- Individual Taxation
- Corporate Taxation
- Taxation of Pass-Through Entities
- Compensation and Benefits
- Beer, Wine and Distilled Spirits
- Tax-Exempt Organizations
- International Operations
- Like-Kind Exchanges
This communication is intended for general information purposes and as a service to clients and friends of Verrill Dana, LLP. This publication, which may be considered advertising under the ethical rules of certain jurisdictions, should not be construed as legal advice or a legal opinion on any specific facts or circumstances, nor does it create attorney-client privilege.