The Tax Cuts and Jobs Act (TCJA) was signed into law in December of 2017 and introduced a major overhaul of the US taxation system. TCJA brought forward significant changes for corporations, such as reduction of the corporate tax rate and the elimination of certain deductions and credits. In addition, TCJA introduced numerous international tax provisions that will impact the way most businesses will structure their operations.
This tax reform also introduced a new pass-through deduction for individuals. Some of the other changes for individual taxation include changes to the tax brackets, elimination of personal exemptions and limitation of the state and local taxes that can be claimed as itemized deductions.
We can guide your business through the complexities of the new US tax regime and help you and your business optimize the corporate structure.