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Tax Reform: Sweeping Changes To Federal Tax Law And The Impact On Businesses And Individuals

by Akerman LLP on

On December 22, 2017, President Trump signed into law what is commonly referred to as the "Tax Cuts and Jobs Act" (the "Act"). The Act makes significant changes to the Internal Revenue Code (the "Code") and affects a broad...more

Summary of Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

The Tax Cuts And Jobs Act: Impact And Planning

On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (the “Act”) instituting sweeping changes to the Internal Revenue Code.1 By now, many taxpayers are familiar with the ‘big ticket’ changes the Act brings to the...more

Tax Cuts and Jobs Act: House and Senate Pass Tax Reform Bill

by Shearman & Sterling LLP on

On December 19, 2017, the Senate passed the “Tax Cuts and Jobs Act of 2017” (H.R. 1) (the “Bill”). The House of Representatives passed the Bill on December 20, 2017. This follows the release by the conference committee of the...more

New Tax Act

by Dorsey & Whitney LLP on

On December 20, 2017, Congress passed the Tax Cuts and Jobs Act of 2017 (the “Act”). President Trump is expected to sign the Act into law soon. The Act generally will take effect on January 1, 2018 and will make important...more

Congress Passes Historic New Tax Law

by McNair Law Firm, P.A. on

Congress has passed a major overhaul of the US tax system. The measure passed 224 to 201 in the House and 51-48 in the Senate, largely along party lines. The tax bill is now on its way to the President, and the President is...more

Senate Passes Tax Reform Bill

by Dechert LLP on

The U.S. Senate passed its version of the GOP tax reform bill, the Tax Cuts and Jobs Act (the “Senate Bill”), on Saturday, December 2, 2017. Shortly before approving the Senate Bill, the U.S. Senate adopted a Manager’s...more

2017 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

The fourth quarter of 2017 concludes a unique year in the planning arena. With the new administration and a Republican-led Congress in power, both taxpayers and tax professionals have kept a close eye on the potential for tax...more

House Passes Tax Cuts and Jobs Act: How the Senate Proposal Compares

by Shearman & Sterling LLP on

On November 2, 2017, the House Ways and Means Committee (the “House Committee”) released its plan for comprehensive tax reform: the “Tax Cuts and Jobs Act of 2017” (H.R. 1) (the “House Bill”). Following a week of hearings,...more

House Republicans Introduce Long-Awaited Tax Legislation

by Ropes & Gray LLP on

On Thursday, November 2, 2017, House Republicans introduced the Tax Cuts and Jobs Act, their long-awaited tax reform legislation, followed quickly by an amendment introduced on November 6 by House Ways and Means Committee...more

New Legislation Proposes Sweeping Estate Tax Changes

by Hodgson Russ LLP on

After years of calling for a comprehensive overhaul of the federal tax code, congressional Republicans unveiled their plans for sweeping tax change on November 2nd. The Tax Cuts and Jobs Act (H.R. 1) is being billed as “real...more

Federal Tax Reform: Initial Steps Toward Changes to Gift, Estate and Generation-Skipping Transfer Tax

by Ballard Spahr LLP on

House Republicans unveiled the full text yesterday of their proposed tax legislation—titled the Tax Cuts and Jobs Act—which includes dramatic changes to the gift, estate, and generation-skipping transfer (GST) tax. ...more

A Pleasant Surprise

by Charles (Chuck) Rubin on

Many commentators expected that the new tax bill would pair the repeal of basis step-up at death with the repeal of the estate tax. They were pleasantly surprised to see that basis step-up at death remains unaltered under the...more

Tax Reform Update: A Call for Committee Action

by McNair Law Firm, P.A. on

On September 27, 2017, the Secretary of the Treasury, the Director of the National Economic Council, the Chair of the U.S. House Ways and Means Committee, the Chair of the U.S. Senate Finance Committee, the Speaker of the...more

Tax Law Uncertainty Should Not Delay Farming Business Succession Planning

by Downey Brand LLP on

President Trump promised and will pursue tax reform, but Congress must agree to any proposal. For the most part, a majority vote in both houses would allow tax reform for about a decade, and at least sixty Senate votes would...more

Pension H.3725

by McNair Law Firm, P.A. on

South Carolina's pension system is underfunded by $24 billion. As a result, a joint study committee came together to try and reform the system. Lynn Stokes-Murray with McNair's Government Relations team breaks down H.3726 and...more

The Federal Government takes aim at private corporations and their shareholders

by Dentons on

On July 18, 2017, the Federal Government released a package of tax measures aimed to “improve fairness”, “close loopholes” and limit tax planning strategies that involve the use of private corporations. The suite of measures...more

Nate Smithson Provides an Update on Tax Reform

by Jackson Walker on

Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform under the Trump administration. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax law. Please see...more

Nate Smithson Provides an Update on Tax Reform

by Jackson Walker on

Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform under the Trump administration. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax law. Please see...more

Tackling Tax Reform – Part IV: What Can We Expect To See

by Garvey Schubert Barer on

On April 11, 2017, we discussed what constitutes Tax Reform. On April 24, 2017, we explored the process by which Tax Reform will likely be created by lawmakers. In our May 3, 2017 blog post, we focused on the likely timing...more

The Evolving Blueprint for Tax Reform: Candidate Trump vs. President Trump

by McNair Law Firm, P.A. on

On April 26, 2017, Treasury Secretary Steven Mnuchin and U.S. National Economic Council Director Gary Cohn, presented the blue print for President Trump’s tax reform proposal (referred to as the “2017 Tax Reform for Economic...more

Maryland Legislation Update - April 2017

by Pessin Katz Law, P.A. on

Governor Hogan has held six bill signing sessions to date. Two bill signings remain on the Governor’s schedule for May 2 and May 4. Under Maryland law all bills are to be presented to the Governor by April 30 this year, the...more

Update on 2704 Proposed Regulations and Impact on 2016 Gift Tax Reporting

by Dickinson Wright on

Following the December 1, 2016 public hearing, the IRS reportedly began working on revisions to and clarifications of the new 2704 proposed regulations. While the uproar from the estate planning and accounting communities...more

The Future Of Proposed IRS § 2704 Modifications Is Uncertain

Proposed changes to Internal Revenue Code (IRC) § 2704, which would impact the valuation of transfers of family business interests at death, come at an interesting time politically given the Trump Administration’s desire to...more

KNOWN UNKNOWNS about Federal Tax Laws and Regulations

by Dickinson Wright on

The new administration in Washington, supported by Republican majorities in Congress, has pledged substantial changes to federal tax laws and regulations. One change may - or may not - be the complete elimination of federal...more

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