Shape of the new US tax heart
|
|
- Joella Wells
- 5 years ago
- Views:
Transcription
1 Shape of the new US tax heart As a candidate, President Donald J. Trump had a campaign promise to deliver significant reform to the United State tax code. On December 22, 2017, he delivered on that promise by signing into law Public Law , an Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 (the Act ) to amend the Internal Revenue Act of The Act is the most extensive US reform since 1986 due to the volume and large impact of all the changes made in the legislation. Originally, President Trump and legislators intended to make tax filing as simple as completing a postcard, but they ultimately fell short of this lofty goal. Though the Act failed to simplify tax filing requirements, there are many notable tax changes that impact individuals and vast changes to the US corporate tax regime. For those US citizens or greencard holders residing outside of the US, or foreign individuals with US investments, it is an important time to review their income tax situation and determine whether any changes to investment structures would be beneficial.
2 Tax provisions affecting individuals The Act reduces the federal tax brackets from 5 to 4 and shifts the brackets downward. This change reduces the bottom rate to 10% from 15% and the top rate from 39.6% to 37%. The capital gains and qualified dividends rates remain the same (0%, 15% and 20%) with the same break points (15% rate for taxable income above $2,600, 20% for taxable income above $12,700). The highest rate at 37% for single filers will apply to taxable income over $500,000 ($600,000 for married filing jointly), adjusted for inflation. It is also worth mentioning that the so-called bubble rate first proposed by the House of Representatives was not adopted, which is good news for high-income taxpayers with income above $1,000,000. Seven brackets: 10%, 12%, 22%, 24%, 32%, 35%, 37% (rates reduced, bracket thresholds adjusted) The rate cut is part of an overall reduction of the tax burden faced by individuals when coupled with substantially increased standard deductions to $12,000 for singles and $24,000 for married filing jointly, compared to the previous $6,350 and $12,700, respectively. The Act also expanded a number of deductions and credits (e.g. medical and dental, charitable, child credit and non-child dependent care credit, etc.). The taxable base, in front, expanded due to limitation and elimination of the following: Personal exemptions repealed (previously $4,050 per taxpayer, spouse and dependent in 2017); Principal cap on deductible home mortgage interest for new mortgages (after 12/15/17) reduced to $750,000 from $1 million, with the deduction retained for second homes, but no longer available for home equity lines; Elimination of itemized deductions, including but not limited to investment fees, tax preparation fees, moving expenses, business expenses, casualty and theft losses except in disaster areas, alimony payments; and State and local tax deduction capped at $10,000 of property and income (or sales) taxes. It is also worth noting that the medical expense deduction retained with a lowered threshold of 7.5% of adjusted gross income (AGI) for tax years 2017 and 2018, but the threshold will return to 10% of AGI in tax years thereafter. Also worth noting is the elimination of the shared responsibility fee implemented under the Affordable Care Act ( ACA ). Congress failed to repeal the ACA as a whole and taxpayers will still need to acquire a health insurance policy that meets the requirements under the ACA, but the penalty for failing to do so was repealed under the Act. Though early versions of the Act attempted a full repeal, the estate tax was not repealed under the Act. However, the lifetime exclusion amount doubled. Under the new Act, just over $11 million of assets for an individual and $22 million of assets for married couples, adjusted for inflation, may be exempted from federal estate tax. However, only US citizens and those who are US estate tax residents receive the $11 million exemption. For those who are not US citizens nor domicilied in the US for estate tax purposes, only $60,000 of US situs property is being exempt from estate tax. This creates a major risk for those who purchase US situs property, such as US real estate. Another target of tax reform, not removed under the Act, is the alternative minimum tax ( AMT ). In simple terms, the AMT guarantees that taxpayers with certain levels of income pay a minimum amount of tax by disregarding certain deductions. Fortunately, the AMT exemption amounts were increased and the phase-out thresholds for these exemptions have significantly risen under the Act. As a result, primarily high-income households are subject to the AMT. What is probably the most significant addition under the Act, is the deduction for qualified business income ( QBI ). The QBI deduction permits an individual to deduct 20% of QBI from flow-through entities such as partnerships, S corporations or sole proprietorships. QBI is the net amount of domestic qualified items of income, gain, deduction and loss from the 2
3 taxpayer's qualified business. A taxpayer's "qualified business" includes any trade or business that generates items effectively connected with the conduct of a trade or business within the US (does not generally include specified service trades or businesses with some exceptions). The IRS intends on issuing additional guidance regarding this deduction in the near future to aid taxpayers in planning for the 2018 tax year. Other notable items include: Net capital gains and qualified dividends retained the previous rates, and such investments are still subject to the existing 3.8% net investment income tax; The AGI limitation for charitable contributions increased to 60% from 50% for gifts of cash to specified organizations. Though many of the above individual provisions are set to expire for tax years after 2025, and further tax reform could still happen it is highly recommend that taxpayers consult with their tax professional to determine which might apply to their individual circumstances. Corporate tax provisions The Act also included significant changes for corporate taxpayers, some of which are briefly summarized below. Corporate tax brackets have been compressed to a single flat rate of 21%. Corporate AMT has been repealed and taxpayers may claim refund on any AMT carryovers incurred. The Act also provides a 100% deduction for foreign-source portion of dividends received from specified 10-percent owned foreign corporations by U.S. corporate shareholders, subject to a 1- year holding period. No Foreign tax credit or deduction for foreign taxes paid is allowed with respect to such qualifying dividend. Transition tax The Act implements a new transition tax that will apply to certain foreign earnings on which US income tax is currently deferred, at rates of 15.5% for cash and 8% for all other earnings. Non-corporate taxpayers are also subject to this tax. The transition tax applies if you are a US individual shareholder of a specified foreign income company ( SFC ) with deferred earnings (i.e. positive accumulated, untaxed post-1986 E&P). A SFC is any controlled foreign corporation ( CFC ) or any foreign corporation with one or more direct, indirect or constructively owned at least a 10% voting interest US shareholder. The tax hit may be significant, and any taxed owed may be due with your 2017 income tax return. Miscellaneous changes The following are a few other new provisions that are worth briefly mentioning: Broad-based anti-deferral provision taxes global intangible low-taxed income ( GILTI ) on a current basis at 10.5% effective tax rate (some foreign tax credits available). A new base erosion anti-abuse tax ( BEAT ) has also been included in the Act, which is imposed on certain payments made by a US company to a related foreign company, known as a taxpayer s base erosion minimum tax amount. The minimum tax of 10% will begin in tax years after 2018, with a 5% transition rate in The Act expands the definition of covered employee for purposes of compensation deduction limits under 162 million to include the CEO, CFO and the three mosthighly compensated officers for the taxable year. Net operating losses ( NOL ) no longer carryback, but carryforward indefinitely. NOLs are also subject to an 80% limitation, depending on a taxpayer s taxable income. 3
4 Final thoughts State governments across the US have also been impacted by the Act. As such, state and local tax consequences should also be considered, especially with regards to the limitation on the deduction for state and local taxes. A separate conversation with a tax professional regarding these issues is necessary. Currently, legislators and the IRS are busy ensuring that all the mentioned changes, as well as many others introduced by the Act but not mentioned here, are implemented as initially intended. For further information, please contact the authors of this publication: Anton Ionov Anton.Ionov@ru.ey.com Ksenia Pavlova Ksenia.Pavlova@ru.ey.com 4
5 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY works together with companies across the CIS and assists them in realizing their business goals. 4,800 professionals work at 20 CIS offices (in Moscow, St. Petersburg, Novosibirsk, Ekaterinburg, Kazan, Krasnodar, Togliatti, Vladivostok, Yuzhno- Sakhalinsk, Rostov-on-Don, Almaty, Astana, Atyrau, Bishkek, Baku, Kyiv, Tashkent, Tbilisi, Yerevan, and Minsk). EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Contacts Almaty +7 (727) Astana +7 (7172) Atyrau +7 (7122) Baku +994 (12) Bishkek +996 (312) Ekaterinburg +7 (343) Kazan +7 (843) Kyiv +380 (44) Krasnodar +7 (861) Minsk +375 (17) Moscow +7 (495) Novosibirsk +7 (383) Rostov-on-Don +7 (863) St. Petersburg +7 (812) Tashkent +998 (71) Tbilisi +995 (32) Togliatti +7 (8482) Vladivostok +7 (423) Yerevan +374 (10) Yuzhno-Sakhalinsk +7 (4242) Ernst & Young (CIS) B.V. All Rights Reserved. This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global EY organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor.
People Advisory Services. Compliance services
People Advisory Services Compliance services People Advisory Services Compliance services The complexity of legislation, frequency of amendments, and many requirements specific to regions and industries
More informationTax and Legal Newsletter
16 June 2016 Newsletter Tax and Legal Newsletter EY CbCR.WEB The new tool for effective and timely management of Countryby-Country Reporting http://www.ey.com/serv ices/tax/tax- Performance-Advisory Contacts
More informationHuman Capital News. Newsletter
January 2015 Newsletter Human Capital News Contacts at EY: Olga Gorbanovskaya Tel: +380 (44) 490 3022 Olga.Gorbanovskaya@ua.ey.com Halyna Khomenko Tel: +380 (44) 490 3028 Halyna.Khomenko@ua.ey.com Oksana
More informationA law amending the Transfer Pricing rules in Ukraine has been adopted
22 December 2016 Tax and Legal Newsletter A law amending the Transfer Pricing rules in Ukraine has been adopted Contacts at EY Igor Chufarov Partner +380 (44) 492 8231 igor.chufarov@ua.ey.com Oleksandr
More informationTax Messenger. Court Case regarding the Recognition of Income from Sales where Gift Cards Are Used. Tax Edition
26 April 2017 Tax Messenger Tax Edition Court Case regarding the Recognition of Income from Sales where Gift Cards Are Used EY s Russian Tax & Law practice was named a leading Tax firm in Russia in World
More informationAre you meeting your compliance and reporting obligations in Kazakhstan?
Are you meeting your compliance and reporting obligations in Kazakhstan? Compliance and Reporting in Kazakhstan 1 2 3 Searching for somebody to take care of your day-to-day compliance and reporting obligations?
More informationTax Messenger. Changes in the Regulation of Tax Audits, Transfer Pricing and the Conditions for Applying the 0% VAT Rate.
29 August 2017 Tax Messenger Tax Edition Changes in the Regulation of Tax Audits, Transfer Pricing and the Conditions for Applying the 0% VAT Rate EY s Russian Tax & Law practice was named a leading Tax
More informationCapital Amnesty. Tax Messenger. Tax Edition
2 February 2018 Tax Messenger Tax Edition Capital Amnesty EY s Russian Tax & Law practice was named a leading Tax firm in Russia in World Tax 2017, an annual guide published by the International Tax Review.
More informationTax Messenger. Reclassification of a Loan as an Investment. Tax Edition. What has happened? Background to the Dispute:
3 October 2017 Tax Messenger Tax Edition Reclassification of a Loan as an Investment EY s Russian Tax & Law practice was named a leading Tax firm in Russia in World Tax 2017, an annual guide published
More informationTransaction Support Services in Ukraine
Transaction Support Services in Ukraine Transaction Support Services Our professional advice, from deal assessment through to execution and post-integration advice, will help you with understanding the
More informationChanges in the taxation of income on securities and interest expense deduction
31 October 2013 Tax Alert Changes in the taxation of income on securities and interest expense deduction EY s Russian Tax and Law practice began the new year by being named Best Tax Firm in Russia in 2013
More informationTax Alert. What has happened:
4 February 2016 Tax Alert The Draft Federal Law Concerning the Introduction of Amendments to Article 269 of Part Two of the Tax Code of the Russian Federation Regarding the Definition of the Concept of
More informationTax Messenger. Assets Tax Relief for Trunk Pipelines. Tax Edition
23 November 2017 Tax Messenger Tax Edition Assets Tax Relief for Trunk Pipelines EY s Russian Tax & Law practice was named a leading Tax firm in Russia in World Tax 2017, an annual guide published by the
More informationTax Alert. Russia has Signed up to the Standard for Automatic Exchange of Financial Account Information (the Common Reporting Standard, CRS)
12 May 2016 Tax Alert Russia has Signed up to the Standard for Automatic Exchange of Financial Account Information (the Common Reporting Standard, CRS) EY s Russian Tax & Law practice was named a leading
More informationBackground. FATCA Alert. 18 January 2017
FATCA Alert 18 January 2017 US IRS issues proposed regulations with verification and certification rules for sponsoring entities, trustees of trusteedocumented trusts and compliance FIs EY s Russian Tax
More informationLegal updates: An up-to-the-minute guide to developments in the legislation of the Republic of Azerbaijan
June 2018 An up-to-the-minute guide to developments in the legislation of the Republic of Azerbaijan Legal updates: In this issue, we would like to bring to your attention a brief overview of the recent
More informationOil and gas tax regime in Russia: proposed changes
ECU Alert Oil and gas tax regime in Russia: proposed changes 25 October 2016 EY s Russian Tax & Law practice was named a leading tax firm in Russia in World Tax 2015, an annual guide published by the International
More informationTax Messenger. Ruling on Second Transfer Pricing Court Case. Tax Edition
17 July 2017 Tax Messenger Tax Edition Ruling on Second Transfer Pricing Court Case EY was named a leading transfer pricing company on the Russian market in World Transfer Pricing, 2017 (TPWeek, International
More informationHow Tax Free works? Russian customs authorities. Russian tax authorities. Store. Operator
Tax Free in Russia In 2018, Russia introduced a Tax Free system which allows non-eurasian Economic Union (hereinafter foreign buyers ) to obtain a refund of VAT paid upon purchase of goods in Russia (under
More informationLegislative alert: Legal updates
19 November 2015 An up-to-the-minute guide to developments in the legislation of the Republic of Azerbaijan Legislative alert: Legal updates In this issue we would like to bring to your attention a brief
More informationLaw Messenger. The Civil Code is amended to include contracts of inheritance and joint wills Amendments on inheritance trusts enter into force
10 August 2018 Law Messenger The Civil Code is amended to include contracts of inheritance and joint wills Amendments on inheritance trusts enter into force EY s Russian Tax & Law practice was named a
More informationLegal updates: An up-to-the-minute guide to developments in the legislation of the Republic of Azerbaijan. Amendments to the Criminal Code
December 2017 An up-to-the-minute guide to developments in the legislation of the Republic of Azerbaijan Legal updates: In this issue, we would like to bring to your attention a brief overview of the recent
More informationEuropean attractiveness survey 2016 Russia findings
European attractiveness survey 2016 Russia findings European context: Western Europe continues to be the most appealing FDI destination in Europe Despite a number of geopolitical risks, investors continue
More informationTax Messenger. The Federal Tax Service Issues Guidance on the Beneficial Ownership Rules. Tax Edition
25 May 2017 Tax Messenger Tax Edition The Federal Tax Service Issues Guidance on the Beneficial Ownership Rules The beneficial ownership rules introduced by the deoffshorization amendments to tax law have
More informationTax Cuts and Jobs Act of 2017
On December 22, 2017, President Donald Trump signed into law H.R. 1, the Tax Cuts and Jobs Act of 2017 (TCJA). This new tax legislation, slightly over 500 pages in length, is the most significant revision
More informationprocess. You will find more about Russian legislative requirements for foreign assignments in this edition.
In this issue: Introduction...1 Sergei Makeev Moving abroad for work...2 Roman Gusev EY Russia People Focus Overview of changes in immigration legislation...4 Ekaterina Matveeva The US tax season is still
More informationUS IRS and Treasury issue final, temporary and proposed regulations under FATCA as well as chapters 3 and 61
FATCA and Chapter 3 Alert 18 January 2017 US IRS and Treasury issue final, temporary and proposed regulations under FATCA as well as chapters 3 and 61 EY s Russian Tax & Law practice was named a leading
More informationTax Messenger. Taxation of Russia s Oil and Gas Industry: Changes Effective from Tax Edition
29 November 2017 Tax Messenger Tax Edition Taxation of Russia s Oil and Gas Industry: Changes Effective from 2018 EY s Russian Tax & Law practice was named a leading Tax firm in Russia in World Tax 2017,
More informationLegislative alert: Rules on Partner Taxpayers
December 2016 An up-to-the-minute guide to developments in the legislation of the Republic of Azerbaijan Legislative alert: In this issue, we would like to bring to your attention a brief overview of the
More informationTax Cuts and Jobs Act: Impact on Individuals
Community Wealth Advisors 3035 Leonardtown Road Waldorf, MD 20601 301 861 5384 wealth@communitywealthadvisors.com www.communitywealthadvisors.com Tax Cuts and Jobs Act: Impact on Individuals On December
More informationU.S. Tax Reform: The Current State of Play
U.S. Tax Reform: The Current State of Play Key Business Tax Reforms House Bill Senate Bill Final Bill (HR 1) Commentary Corporate Tax Rate Maximum rate reduced from 35% to 20% rate beginning in 2018. Same
More informationBrackets (seven) - Taxable Income Single Filers. Between $9,525 and $38,700. Between $2,550 and $9,150. Between $157,500 and $200,000
Individual Taxes (Which Would Expire After 2025) Brackets (seven) - Taxable Income Single Filers Up to $9,525 Between $9,525 and $38,700 Between $38,700 and $82,500 Between $200,000 and $500,000 Above
More informationCONGRESS JANUARY Tax Cuts and Jobs Act (H.R. 1)
Advanced Planning Group EYE ON JANUARY 2018 Tax Cuts and Jobs Act (H.R. 1) The Tax Cuts and Jobs Act (TCJA) has been passed by Congress and signed by President Trump. TCJA contains major tax revisions
More informationSPECIAL REPORT. Tax Law Essentials. Brought to you by Mercer Advisors
SPECIAL REPORT Tax Law Essentials Brought to you by Mercer Advisors Game-changing tax package The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping, game-changing tax package. Here s a look at
More informationHighlights. Tax Cuts and Jobs Act of 2017
Highlights Tax Cuts and Jobs Act of 2017 Individual Taxes and s 2018 Tax s (Single) $0 to $9,525 $0 to $9,525 $9,525 to $38,700 $9,525 to $38,700 12% $38,700 to $93,700 25% $38,700 to $82,500 22% $93,700
More informationAccounting implications of US tax reform
Accounting implications of US tax reform What audit committees need to know Summary of key provisions of the Tax Cuts and Jobs Act The Tax Cuts and Jobs Act (the Act) was signed by President Trump on 22
More informationPRIVATE CLIENT SERVICES
FEBRUARY 2018 www.bdo.com AN ALERT FROM THE BDO PRIVATE CLIENT SERVICES PRACTICE PRIVATE CLIENT SERVICES SUBJECT TAX REFORM S IMPACT ON INDIVIDUAL TAXPAYERS SUMMARY On December 22, 2017, President Donald
More informationTax Cuts and Jobs Act Passed by Congress
Tax Cuts and Jobs Act Passed by Congress On December 19 and 20, 2017, the House and Senate approved a final version of H.R. 1, the Tax Cuts and Jobs Act, renamed An Act to provide for reconcilation purusant
More informationU.S. Tax Reform: The Current State of Play
Key Business Tax Reforms Corporate Tax Rate House Bill Senate Bill Commentary Maximum rate reduced from 35% to 20% rate beginning in 2018. Personal service corporations would be subject to flat 25% rate.
More informationLegislative alert: Legal updates
5 May 2016 An up-to-the-minute guide to developments in the legislation of the Republic of Azerbaijan Legislative alert: Legal updates The Law on Licenses and Permissions In this issue we would like to
More information2018 TAX SEMINAR OPPORTUNITIES & IMPACTS. Tax Cuts and Jobs Acts Enacted December 22, Most changes go into effect January 1, 2018
2018 TAX SEMINAR OPPORTUNITIES & IMPACTS Tax Cuts and Jobs Acts Enacted December 22, 2017 Most changes go into effect January 1, 2018 S e m i n a r s p o n s o re d b y A n n L a u f m a n o f A L A F
More informationHow to make PPP work in Russia
How to make PPP work in Russia 2012 Overview Proven Practical Path Proper Policy, Please... Contents Introduction 1 Research methodology 2 Principal conclusions 3 Advantages for the state 4 Industry appeal
More information11100 NE 8th St, Suite 400 Bellevue, WA (425)
the effects of tax ReFoRM 11100 NE 8th St, Suite 400 Bellevue, WA 98004 www.bpcpa.com (425) 454-7990 On December 22, Congress passed the Tax Cuts and Jobs Act, making tax reform a reality. Having taken
More informationIndividual Taxes. TAX CUTS & JOBS ACT OF Tax Brackets: 7 Tax Brackets: 7 Tax Brackets: 4 Tax Brackets:
COMPARISON OF CURRENT TAX LAW VS. TAX CUTS AND JOBS ACT Individual Taxes Ordinary Income Tax Brackets (Single Tax Brackets Shown) 10%: $0 - $9,325 15%: $9,326 - $37,950 25%: $37,951 - $91,900 28%: $91,901
More informationThe Tax Cuts and Jobs Act Implications for the real estate industry
The Tax Cuts and Jobs Act Implications for the real estate industry January 5, 2018 The Tax Cuts and Jobs Act On December 22, 2017, the President signed the Tax Cuts and Jobs Act (the Act), which capped
More informationSPECIAL REPORT. IMPACT. Many of the changes to the Internal Revenue Code in the INDIVIDUALS
Tax Briefing Tax Cuts and Jobs Act December 20, 2017 Highlights 37-Percent Top Individual Tax Rate 21-Percent Flat Corporate Tax Rate New Tax Regime for Pass-throughs Individual AMT Retained/Modified Federal
More informationTax Bill Comparison. December 2017
Tax Bill Comparison December 2017 Individual Taxes and s 2018 Tax s (Single) $0 to $9,525 $0 to $45,000 $0 to $9,525 $9,525 to $38,700 $45,000 to $200,000 $9,325 to $38,700 $38,700 to $93,700 $200,000
More informationThe Tax Cuts and Jobs Act Impact on Individual Taxpayers
The Tax Cuts and Jobs Act Impact on Individual Taxpayers Summary On Wednesday, December 20th, Congress passed the Tax Cuts and Jobs Act (the Act ). The Act reflects the final provisions agreed upon by
More informationSide-by-Side Summary of Current Tax Law and the Final Version of the Tax Reform Bill 1
Side-by-Side Summary of Current Tax Law and the Final Version of the Tax Reform Bill 1 Corporate Tax Provisions Tax rates C corporations pay tax on their income based on a graduated rate structure with
More informationTHE TAX CUTS AND JOBS ACT. Important Changes For
THE TAX CUTS AND JOBS ACT Important Changes For 2018-2025 Before We Get Started This presentation is of a general nature and the material has been prepared for informational purposes only. Our discussion
More informationTax Cuts and Jobs Act. Durham Chamber of Commerce Public Policy Meeting January 9, 2018
Tax Cuts and Jobs Act Durham Chamber of Commerce Public Policy Meeting January 9, 2018 Tax Cuts in Billions Corporate/Business ($653) S-Corps/Partnership/Sole Proprietor ($414) International Tax Changes
More informationTax Reform 2017 Insurance Related Provisions. NCSL Insurance Task Force May 10, 2018
Tax Reform 2017 Insurance Related Provisions NCSL Insurance Task Force May 10, 2018 2017 Tax Act Common Title: Tax Cuts and Jobs Act ( TCJA ) Official Title: An Act to provide for reconciliation pursuant
More informationTax Cuts and Jobs Act of 2017
Tax Cuts and Jobs Act of 2017 Important Highlights for Individuals and Small Businesses On December 15, 2017, Congress released the 2017 Tax Cut and Jobs Act ( the Act ) that has now passed both the House
More informationComparing global stock exchanges. Stock market listing standards and fees
Comparing global stock exchanges Stock market listing standards and fees Introduction Business operations and capital flows are becoming increasingly globalized as new centers of economic strength and
More informationTax Reform 101 for the Non-Tax Lawyer
Tax Reform 101 for the Non-Tax Lawyer February 27, 2018 New York, NY Thomas R. May, Partner, Baker McKenzie Reza Nader, Partner, Baker McKenzie Jim Woehlke, COO and General Counsel, MBL Benefits Consulting
More informationTAX CUTS AND JOBS ACT OF 2017 (TCJA) and Its Potential Impact
TAX CUTS AND JOBS ACT OF 2017 (TCJA) and Its Potential Impact One of President Trump s major campaign promises was that he would simplify the federal tax code to the point that we could file using a postcard.
More informationTAX REFORM Summary of key provisions in the Tax Cuts and Jobs Act
TAX REFORM Summary of key provisions in the Tax Cuts and Jobs Act ksmcpa.com/taxreform Keeping Current With U.S. Tax Reform In the most sweeping overhaul of the U.S. tax code in more than three decades,
More informationSPECIAL REPORT. IMPACT. Many of the changes to the Internal Revenue Code in the INDIVIDUALS
Tax Briefing Tax Cuts and Jobs Act December 22, 2017 Highlights 37-Percent Top Individual Tax Rate 21-Percent Flat Corporate Tax Rate New Tax Regime for Pass-throughs Individual AMT Retained/Modified Federal
More informationIndividual Provisions page 2. New Deduction for Pass-through Income page 5. Corporate (and Other Business) Provisions page 6
Table of Contents Individual Provisions page 2 New Deduction for Pass-through Income page 5 Corporate (and Other Business) Provisions page 6 Partnership (and Other Pass-through Business) Provisions page
More informationAdam Williams. Anthony Licavoli. Principal Tax Manager
1 2 Adam Williams Principal 734.302.4179 adam.williams@rehmann.com Anthony Licavoli Tax Manager 248.463.4598 anthony.licavoli@rehmann.com 3 4 5 What is your impression about the speed at which Congress
More informationTax Season Insights with Ernst & Young. March 29, 2019
Tax Season Insights with Ernst & Young March 29, 2019 Disclaimer EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is
More informationTax Cuts and Jobs Act 2017 HR 1
Tax Cuts and Jobs Act 2017 HR 1 The Tax Cuts and Jobs Act is arguably the most significant change to the Internal Revenue Code in decades, the law reduces tax rates for individuals and corporations and
More informationCould US tax reform be a catalyst for disruption for Canadian businesses?
Could US tax reform be a catalyst for disruption for Canadian businesses? In the wake of the November elections that gave Republicans control of the White House and both houses of Congress, the chances
More informationHighlights of the Senate Tax Cuts and Jobs Act
WEALTH SOLUTIONS GROUP Highlights of the Senate Tax Cuts and Jobs Act The Senate passed a bill with the same name as the House, but with plenty of other differences The Senate version of a tax reform proposal
More informationHead of Household $0 - $9,525 $13,600 $9,525 - $38,700 $13,600 - $51,800 $38,700 - $82,500 $51,800 - $82,500 $82,500 - $157,500 $157,500
TAX REFORM - IMPACT TO INDIVIDUALS Summary On Friday, December 22, 2017, the President signed the Tax Cuts and Jobs Act (the Act ). The Act provides the most comprehensive update to the tax code since
More informationTHE OWNER OPERATOR S GUIDE TO. The Tax Cuts and Jobs Act of Prepared by
THE OWNER OPERATOR S GUIDE TO The Tax Cuts and Jobs Act of 2017 Prepared by Tip: Click on any of the chapters below to skip ahead to that section. TABLE OF CONTENTS Introduction...3 Pass Through Entities...3
More informationThe Tax Cuts and Jobs Act of 2017
The Tax Cuts and Jobs Act of 2017 is the most comprehensive revision to the Internal Revenue Code Since 1986. This new Tax Act reduces tax rates for individuals and corporations, repeals exemptions, eliminates
More informationWhat the Tax Reform Act Means for You
What the Tax Reform Act Means for You Congress has passed a tax reform act that will take effect in 2018, ushering in some of the most significant tax changes in three decades. There are a lot of changes
More informationSPECIAL REPORT. IMPACT. Many of the changes to the Internal Revenue Code in the INDIVIDUALS
Tax Briefing Tax Cuts and Jobs Act December 16, 2017 Highlights 37-Percent Top Individual Tax Rate 21-Percent Top Corporate Tax Rate New Tax Regime for Pass-throughs Individual AMT Retained/Modified Federal
More informationTAX REFORM TCJA TAX CUTS AND JOBS ACT AL NELLA & CO, LLP CHRIS KOLLAJA & KEVIN TUSING HONE MAXWELL LLP AUBREY HONE
TAX REFORM TCJA TAX CUTS AND JOBS ACT AL NELLA & CO, LLP CHRIS KOLLAJA & KEVIN TUSING HONE MAXWELL LLP AUBREY HONE New Individual Tax Rates New rate structure with seven tax brackets 10% (same as 2017)
More informationNavigating the Complexities of Tax Simplification PART 1 TAX CUTS & JOBS ACT (TCJA)
Navigating the Complexities of Tax Simplification PART 1 TAX CUTS & JOBS ACT (TCJA) 2 1 2 1 TCJA BACKGROUND An act to provide for reconciliation pursuant to titles II and V of the concurrent resolution
More informationUnited States: Summary of key 2017 and 2018 federal tax rates and limits many changes after tax reform
from Global Mobility United States: Summary of key 2017 and 2018 federal tax rates and limits many changes after tax reform March 27, 2018 In brief The following is a high-level summary of some key individual
More information2018 Homebuilder CFO Roundtable. Wynn Las Vegas 7 May 2018
2018 Homebuilder CFO Roundtable Wynn Las Vegas 7 May 2018 1 Disclaimer EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which
More informationRussian Tax Brief November 2016
Russian Tax Brief EY s Russian Tax & Law practice was named a leading Tax firm in Russia in World Tax 2015, an annual guide published by the International Tax Review. In the Issue: The Latest on Tax Benefits:
More informationSummary of the Tax Cuts and Jobs Act of 2017
Summary of the Tax Cuts and Jobs Act of 2017 Last month, Congress passed, and the President signed into law, the Tax Cuts and Jobs Act of 2017. This Act represents some of the most extensive tax reform
More informationUnderstanding the Tax Reform Bill
Understanding the Tax Reform Bill JANUARY 23, 2018 Miguel G. Farra, CPA, JD Tax Chairman Emilio Escandon, CPA Managing Principal, NY Gary DuBoff, CPA, CFP Principal 1 Agenda I. Individuals II. Qualified
More informationTAX REFORM: WHAT THE LAW WILL BE IN 2018
TAX REFORM: WHAT THE LAW WILL BE IN 2018 This piece summarizes current law and what the law will be beginning in 2018 with a view toward what matters most to you. In a last minute amendment to the bill,
More informationTAX CUTS AND JOBS ACT (H.R. 1), 2018 A CLOSER LOOK PREPARED BY: ADIL A. BALOCH, CPA; CTRS. Accurate Records and Tax Services, Inc.
TAX CUTS AND JOBS ACT (H.R. 1), 2018 A CLOSER LOOK PREPARED BY: ADIL A. BALOCH, CPA; CTRS Accurate Records and Tax Services, Inc. 18562 Office Park Dr. Montgomery Village, MD 20886 (301) 519-1445 info@aabcpa.com
More informationHere are some of the key items in the tax reform bill that affect individuals:
Tax Cuts and Jobs Act: What the Tax Reform Bill Means for You Congress has passed tax reform that will take effect in 2018, ushering in some of the most significant tax changes in three decades. There
More informationExecutive Summary. Effects of the Federal Tax Law on the State of Maryland Page 1 of 41
Table of Contents Executive Summary... 1 Disclaimer and General Notes... 4 Estimated TCJA Income Tax s on Maryland Tax Revenues... 5 TCJA on Federal Tax for Maryland Residents... 6 Discussion of Certain
More informationUS tax reform and the impact on cross-border individuals
US tax reform and the impact on cross-border individuals January 2018 Tax Alert The Tax Cuts and Jobs Act was signed into law on December 22, 2017. Several significant changes arose out of this tax legislation.
More informationTax Cuts & Jobs Act of 2017
Tax Cuts & Jobs Act of 2017 WHAT BUSINESSES & S NEED TO KNOW DECEMBER 19, 2017 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they are provided If you are viewing this webinar in
More informationTAX REFORM INDIVIDUALS
The following chart sets forth some of the provisions affecting individuals in H.R. 1, originally called the Tax Cuts and Jobs Act (the Act), as signed by President Donald Trump on December 22, 2017. This
More informationHOW THE TAX CUTS AND JOBS ACT AFFECTS YOU
HOW THE TAX CUTS AND JOBS ACT AFFECTS YOU I. New Opportunities for Estate Planning and Gifting The doubling of the estate, gift, and GST tax exemptions to $11.18 million per person ($22.36 million per
More informationTax Reform and its Impact on Individuals and Businesses
Tax Brackets Seven Rates Ranges from 10% to 39.6% 39.6% top rate applied to income in excess of $470,000 for married couples filing jointly Seven Rates 10% - up to $19,050 12% - up to $77,400 22% - up
More informationTax Cuts and Jobs Act Key Implications for Individuals
Tax Cuts and Jobs Act Key Implications for Individuals Overview The 2017 Tax Reform legislation, the most significant federal tax law reform in over 30 years, was passed by both the House of Representatives
More informationComparison of the House and Senate Tax Bills
Comparison of the House and Senate Tax Bills LJPR Financial Advisors Leon C. LaBrecque, JD, CPA, CFP, CFA Item House Senate Individual brackets 12%, 25%, 35% and 39.6% ( bump ) 10%, 12%, 22%, 24%, 32%,
More informationEXEMPT ORGANIZATIONS & THE NEW TAX BILL Changes and implications you should understand
CLICK TO EDIT MASTER TEXT STYLES EXEMPT ORGANIZATIONS & THE NEW TAX BILL Changes and implications you should understand BARB MCGUAN Principal April 23, 2018 CLICK TO EDIT MASTER TEXT AGENDA STYLES FEDERAL
More informationEY CIS. Russia: time for Chinese investments. A thousand mile trip begins from the first step. Chinese proverb
EY CIS Russia: time for Chinese investments A thousand mile trip begins from the first step Chinese proverb Russia: the facts land area 17 mln sq. km gas and iron ore reserves number of hydropower stations
More informationDISCUSSING THE TAX CUTS AND JOBS ACT THIS TAX SEASON
DISCUSSING THE TAX CUTS AND JOBS ACT THIS TAX SEASON Duncan Gates, EA, CFP, ChFC, CLU, RICP Practice Management Consultant/1040 Analyst Specialist Over the last few months, tax reform has been perhaps
More informationAn Overview of the 2017 Tax Legislation: Impact to Individuals! Prepared by First Foundation Advisors December 2017!!!!!!!!!!
An Overview of the 2017 Tax Legislation: Impact to Individuals Prepared by First Foundation Advisors December 2017 Summary of the Bill On Friday, December 15, the House and Senate Tax Cuts and Jobs Act
More informationECU Tax Bulletin. Introduction of AIT: The State Duma Has Passed the Bill in its Third Reading
6 July 2018 ECU Tax Bulletin Introduction of AIT: The State Duma Has Passed the Bill in its Third Reading EY s Russian Tax & Law practice was named a leading Tax firm in Russia in World Tax 2017, an annual
More informationTHE TAX CUTS AND JOBS ACT
THE TAX CUTS AND JOBS ACT INDIVIDUALS The Tax Cuts and Jobs Act contains numerous provisions that will have a significant impact on the tax liability reported by individuals and families. Some of the more
More informationFrom the Hill to the Street: An insider s perspective. Not FDIC Insured Not Bank Guaranteed May Lose Value
From the Hill to the Street: An insider s perspective Not FDIC Insured Not Bank Guaranteed May Lose Value Eaton Vance Investment Managers From the Hill to the Street An Insiders Perspective Sponsored by:
More informationTax Cuts and Jobs Act: Prepared by Broadridge Investor Communication Solutions, Inc.
Tax Cuts and Jobs Act: Prepared by Broadridge Investor Communication Solutions, Inc. Consult your tax advisor to see if you should address strategies by year end. The Tax Cuts and Jobs Act legislation
More informationTAX REFORM INDIVIDUALS
The following chart sets forth some of the provisions affecting individuals in the Tax Reform Act of 2017 (the Act). This chart highlights only some of the key issues and is not intended to address all
More informationTax Reform: What Dealers Need to Know
Tax Reform: What Dealers Need to Know 1 Disclosure To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication is not intended or written
More informationTAX CUTS AND JOBS ACT EXECUTIVE SUMMARY
TAX CUTS AND JOBS ACT EXECUTIVE SUMMARY Mariner Retirement Advisors INDIVIDUAL INCOME TAX CHANGES Individual Income Tax Rates Single - 10%, 15%, 25%, 28%, 33%, 35%, 39.6%. Top rate begins at income over
More informationIntegrity Accounting
Integrity Accounting Tax Reform Special Report Updated 8/15/2018 On Friday, December 22, 2017, the "Tax Cuts and Jobs Act" (H.R. 1) was signed into law by President Trump. Almost all of these provisions
More informationTax Cuts & Jobs Act W H AT B U S I N E S S E S & I N D I V I D U A L S N E E D T O K N O W D E C E M B E R 1 2, 2018
Tax Cuts & Jobs Act W H AT B U S I N E S S E S & I N D I V I D U A L S N E E D T O K N O W D E C E M B E R 1 2, 2018 WHAT WE WILL COVER TODAY 1 2 Business & individual provisions of the Tax Cuts and Jobs
More information