Opportunities for Tax Savings
The Tax Cuts and Jobs Act, which was signed into law on December 22, will broadly impact businesses of all sizes.
The bill significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT). It also provides a large new tax deduction for most owners of pass-through entities and makes major changes related to the taxation of foreign income. However, the new law eliminates or limits many tax breaks, and much of the tax relief is only temporary.
We provide an overview of how businesses win and lose in our Alert.
Visit our tax reform page for more insight on changes to tax law.