Article
New bill proposes US residence-based taxation (RBT) for Americans abroad
House Budget Committee proposes exempting U.S. citizens abroad from federal income tax on worldwide income.
The Tax Cuts and Jobs Act, passed in December 2017, brought sweeping changes to tax laws leaving business owners and executives to grapple with complex new rules. While some regulations are still being clarified, several important final rules have already been issued, giving businesses an opportunity to understand the new tax regime and consider opportunities such as changing their corporate structure.
Business owners and shareholders need to understand the impact of the new tax law in order to maximize operational efficiency moving forward. This guide, developed in conjunction with the US Chamber of Commerce, offers an overview of some key tax law changes in the Tax Cuts and Jobs Act including:
- C corporation changes
- Net operating loss carryforwards
- Executive compensation
- Changes to foreign income and earnings
- Choice of entity
- Employee benefits and health care changes
RSM, in partnership with the US Chamber of Commerce, publishes the Middle Market Business Index.
