Overview

The Essential Guide to the 2017 Income Tax Reforms for U.S. Taxpayers takes readers through the most important income tax changes for individual U.S. taxpayers in the Tax Cuts and Jobs Act of 2017 (Pub. Law. No. 115-97), the most important reforms to the Internal Revenue Code since 1986. This treatise provides detailed and comprehensive coverage of the new I.R.C. 199A(a) deduction, including decisions charts and examples that make sense of this complex but important provision, and the regulations which implement it. It provides essential answers and guidance allowing taxpayers to take maximum advantage of this new deduction, and the other changes to the federal income tax law, with extensive citations to authority. With clear and usable guidance tax law changes and how they interact, the treatise covers the most significant domestic provisions as the affecting corporations, tax passthroughs, investors, senior managers, estates, tax exempts, and their professional advisors. Coverage also includes the new limitations on passthrough losses, changes to the net operating loss rules, limits on business interest deductions, more limited application of '1031' exchanges, increased bonus depreciation, elective expensing and changes to real property recovery periods, changes to the 'alternative minimum tax', changes to a flat corporate tax rate, changes to provisions governing charitable contributions, estate tax, changes to small business accounting rules, the requirement of conformity to financial accounting, and the taxation of carried interests - a provision reaching more taxpayers than just venture capitalists. The Essential Guide to the 2017 Income Tax Reforms for U.S. Taxpayers provides detailed coverage of the changes in 33 important areas of tax law, how these provisions existed before the changes, whether the change is permanent or, if it sunsets, when it sunsets, and other essential concepts for taxpayers to take maximum advantage of the planning opportunities while avoiding the pitfalls these important revisions provide. This important work is an essential resource for students, managers, tax practitioners, investors and business owners alike. Includes I.R.C. 199A decision charts and an Index.

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9781727497076

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