Key Corporate, Individual, and Estate Tax Provisions
- Reduction of corporate income tax rate to 21 percent.
- Significant changes to the taxation of pass-through businesses (sole proprietorships, subchapter S corporations and partnerships) including 20 percent deduction for qualified business income.
- Elimination of the corporate alternative minimum tax.
- Expansion of businesses that can use cash method of accounting.
- Limitations on certain fringe benefits, changes to stock option taxation, and new excise taxes on executive compensation.
- Changes to the rules on full expensing of capital assets through 2022 with a phase-down between 2022 and 2027. The "original use" rule does not apply, so taxpayers can obtain full expensing for purchases of used property.
- Net operating losses arising in taxable years beginning after 2017 are limited to 80 percent of taxable income with no carrybacks and unlimited carryforwards.
- Reduction in individual tax rates, limitations on available deductions, and modification of individual alternative minimum tax until 2026.
- Increase in the federal estate and gift tax unified credit basic exclusion amount to $10 million (as adjusted for inflation) but no repeal of the federal estate and gift tax.
Program - 12:00 p.m. to 1:00 p.m.
This event is being offered as a free education session.
To register, click here.