On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act into law. The sweeping tax overhaul impacts virtually every individual and business on a level not seen in over 30 years. The bill calls for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, enhancing the child tax credit, boosting business expensing, and more. The bill also impacts the Affordable Care Act (ACA), effectively repealing the individual shared responsibility requirement.
Most provisions are effective starting in 2018.
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In each email, the tax professionals at Hawkins Ash CPAs will highlight several sections of the new tax law that will affect you and your business. We’ll compare the new law to the old and provide insight into how to position you and your business to take advantage of the new tax bill’s provisions.
This special report provides detail on the following highlights of the bill:
- 37% top individual tax rate
- 21% top corporate tax rate
- New tax regime for pass-throughs
- Individual AMT retained/modified
- Federal estate tax retained/modified
- Corporate AMT repealed
- More generous expensing
- International provisions