What does the Tax Cuts and Jobs Act mean for corporate entities?
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As we kick off 2018, businesses will be evaluating the effect of the new tax bill. For some this means a change in business operations, for others it’s business as usual.
Our Washington National Tax team presents an overview of the key provisions of the tax reform bill, as well as international and state and local considerations. Some of the topics which covered are:
- New rules for net operating loss carryovers
- Elimination of the alternate minimum tax (AMT) and conversion of AMT credit carryovers to refundable credits
- Transition to a territorial-type tax system
- The one-time repatriation tax
- Identifying if you are affected by global intangible low-taxed income (GILTI), Base Erosion Anti-Abuse Tax (BEAT) or foreign-derived intangible income (FDII)