Tax Cuts and Jobs Act Summaries
On December 22, 2017 President Trump signed into law H.R. 1, the “Tax Cuts and Jobs Act,” (TCJA) a sweeping tax reform law that promises to entirely change the tax landscape. This article provides you with quick access to special studies written around the TCJA changes, broken into six categories listed below:
- This special study describes the Act’s pension and benefit changes, including the repeal of the rule allowing characterization of IRA contributions, extended rollover period for rollover of plan loan offset amounts, relief from early withdrawal tax for “qualified 2016 disaster distributions”, and more.
- This special study describes the Act’s estate and gift tax changes, including the increased exemption amount for the estate and gift tax, the new rates and brackets, and modification of the kiddie tax.
- This special study describes the Act’s changes that would affect individuals, including the new rates and brackets, the increased standard deduction and elimination of personal exemptions, the repeal of the individual mandate under the Affordable Care Act, and a new deduction for pass-through income. You can also read a PDF version of this report here.
- This special study describes key business tax changes that are made under the Act, including a reduction in the corporate tax rate to a flat 21% rate; an increase in expensing to $1 million; a temporary 100% first year qualifying business asset deduction; a 5-year write-off period for R&D expenses; a limitation on the deduction for business interest, and elimination of the domestic production activities deduction.
- This special study describes a number of the Act’s changes that would affect S corporations, partnerships, tax-exempt organizations, electing small business trusts, and retirement plans.
- This special study describes key tax changes affecting foreign income and foreign persons, including the exemption from U.S. tax for certain foreign income and the deemed repatriation of off-shore income.
Source: Thomson Reuters