Substantive Federal Tax Changes Now a Reality
Early in the morning of Wednesday, December 20, 2017, the US Senate passed the Tax Cuts and Jobs Act (the “2017 Federal Tax Act”), which makes broad and substantial changes to the federal tax code across all tax types. Due to procedural limitations that necessitated changes to the 2017 Federal Tax Act by the Senate, the House of Representatives also re-passed the bill later that day after initially voting in favor of it the prior day. President Trump signed the 2017 Federal Tax Act into law on December 22, 2017.
The breadth and depth of these changes, albeit many of the individual tax changes being only temporal due to federal budget constraints, will require nearly every individual and business in the US, and many non-US persons, to review their tax planning in the coming months as these provisions begin to take effect in 2018.
The following links outline our initial summary of the impact of the 2017 Federal Tax Act on your individual or business tax planning going forward.
In the coming weeks, we will endeavor to provide you with a more detailed analysis of the opportunities and pitfalls associated with many of these changes and how they will impact specific individuals, industries and other sectors. Please watch your email inbox and check back here for further information.
In the interim, for questions, information, or guidance, please feel free to contact Bill Hussey (firstname.lastname@example.org; 215.864.6257), John Eagan (email@example.com; 212.868.4835), Kevin Koscil (firstname.lastname@example.org; 215.864.6827) or another member of our Tax and Estates Group.