Tax Alert: How the New Tax Laws Will Affect You Now and in the Future

January 8, 2018 Alerts and Newsletters

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.

Download a PDF of the entire Tax Alert: how the New Tax Laws Will Affect You Now and in the Future here.

Click on a specific heading below to directly access that section of this Alert.

This Alert discusses the tax changes to:

  1. Individual Taxation
  2. Corporate Taxation
  3. Taxation of Pass-Through Entities
  4. Compensation and Benefits
  5. Beer, Wine and Distilled Spirits
  6. Tax-Exempt Organizations
  7. International Operations
  8. 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.

Firm Highlights

News

Verrill Welcomes Associates Rachel A. Deering, Anna Mikhaylina, Derek Rocha, and Lea Silverman

Blog

Health Plans: PCORI Fee Is Due August 1, 2022

What is the PCORI Fee? The Affordable Care Act created a non-profit corporation, the Patient-Centered Outcomes Research Institute (“PCORI”), to conduct research to help individuals, providers, and policymakers make better healthcare choices by advancing...

News

Verrill Attorney Christopher Smith Quoted in Mainebiz Article on Mergers and Acquisitions in Maine

Verrill Attorney Christopher Smith was recently quoted in the Mainebiz article "' Frothy' economy seen driving Maine M&A activity in 2022 ." In the article, which discusses the forward momentum of mergers and acquisitions...

Blog

IRS Announces New Pilot Program for Retirement Plan Audits

On June 3, 2022, the Internal Revenue Service (“IRS”) announced a new pre-examination compliance pilot program beginning in June 2022. Under the pilot program, the IRS will notify a plan sponsor by letter that...

Publication/Podcast

Using Legal Project Management in Merger and Acquisition and Joint Venture Transactions, Third Edition

Dennis J. White co-edited the 2021 American Bar Association publication entitled Using Legal Project Management in Merger and Acquisition and Joint Venture Transactions: A Guidebook for Managing Deals More Efficiently and Effectively, Third Edition...

News

Cheryl Johnson Featured in Law360 Pulse Article

Publication/Podcast

Courts Expand on Rules Regarding the Protection of Retirement Plan Assets

News

31 Verrill Attorneys, Across Four Offices, Recognized in 2022 Chambers & Partners Guide

Publication/Podcast

Connecticut’s new privacy law: What you need to know

As part of its growing privacy practice, Verrill is pleased to share this advisory on Connecticut’s new privacy law. Verrill is pleased to offer a sophisticated range of privacy and cybersecurity services. On May...

Matter

Advised Fortune 500 Company on Group Health and Welfare Benefit Plans

We were engaged by a Fortune 500 manufacturing company to provide legal and compliance services regarding its group health and welfare benefit plans. During the course of our representation, we have advised the company...

Contact Verrill at (855) 307 0700