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The Tax Cuts and Jobs Act made significant changes to the Internal Revenue Code of 1986, which affect individuals, U.S. businesses, and international taxpayers.
While many types of businesses stand to benefit from the sweeping legislation, when it comes to the Act’s impact on law firms and their partners and associates – it can get complicated.
Many law firms are still scrambling to come to grips with the changes and identify their impact.
What do law firms need to know about key provisions of the updated tax code?
Law firms can start by knowing the Act’s key provisions:
- Reduction in individual and corporate income tax rates
- $10,000 annual limit on deduction of state and local income taxes (SALT). This includes deduction for real estate taxes
- No deduction for miscellaneous itemized deductions Increased standard deductions
- Introduction of new Code Section 199A, which provides for a tax deduction of 20% of qualified business income, subject to limitations and exclusions
We’ve summarized several other key changes in the tax code that impact law firms in a downloadable guide, “The Tax Cuts and Jobs Act of 2017 – Considerations for Law Firms.”
By downloading this guide, you will learn:
- How the choice of business entity – C-Corp, S-Corp, or pass-throughs – is impacted by the updated code
- New rules for specified service businesses
- Changes that impact entertainment and fringe benefit expenses
- Code Section 179 changes that impact expense deductions
- New limitations on business interest and excess business loss
- Key changes to Section 199A deductions that impact individual W-2 wage earners.
If you are a managing partner or executive at your law firm, understanding the factors covered in the Guide will help you and your firm determine the best strategy for optimizing your firm’s and your partners’ tax positions.
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