he 2017 Tax Reform Act introduces substantial changes to many areas of the U.S. tax system, including the taxation of individuals, businesses in all industries, multinational enterprises, and other areas. Our panel experts will provide a summary of the key features of the new law and focus on the financial reporting and investment implications of the changes. Our expert panelists will discuss how the corporations and taxpayers can plan or prepare prior to year-end:
- A permanent reduction in the statutory C corporation tax rate to 21%, repeal of the corporate alternative minimum tax (AMT), and a broad limitation of the deduction for interest expense
- Fundamental changes to the taxation of multinational entities
- Changes to the taxation of executive compensation and employee benefits
- A temporary “expensing” provision that allows taxpayers to immediately write-off the cost of qualifying a new property
- A temporary new deduction for certain kinds of domestic income from partnerships, S corporations, and sole proprietorships
- Significant changes relevant to the taxation of tax-exempt organizations, insurance businesses, financial institutions, regulated investment companies (RICs), and real estate investment trusts (REITs)
- Temporary reductions in the individual income tax rates, accompanied by new limits on itemized deductions.
Our panel experts will also discuss the potential impacts in public company tax footnote disclosure and financial impacts.
This program will provide a concise guidance on the following for corporations and other business entities:
- SAB 118
- Key changes to the taxation of business taxpayers
- Considerations related to accounting methods, deductible items, and other items, such as the 100% bonus depreciation rule applies through 2022 and then ratably phases down over the succeeding five years, etc.
- Compensation-related considerations?
- Considerations for passthrough entities – Temporary deduction against business income earned by pass-through entities
- Considerations for multinational businesses:
- A minimum tax on “global intangible low-taxed income” (GILTI)
- Additional anti-base erosion measures -a base erosion anti-abuse tax (BEAT)
- State and local tax considerations
Key changes to the taxation of individuals:
- lower tax rate
- deductions & credits, etc.
- what individual taxpayers should do to prepare the year-end filing