President Trump has signed the Tax Cuts and Jobs Act, making it law. The new law dramatically reduces corporate tax rates, establishes a territorial system of taxation for certain offshore business profits of domestic businesses, mandates taxation of offshore earnings at a reduced tax rate, introduces an entirely new concept of a reduced tax burden on pass-through business income, limits business interest deductions, and makes major changes to the individual tax structure, including a substantially increased standard deduction and major limitations on state and local tax deductions.
For more information on the Tax Cuts and Jobs Act, please visit RSM’s Tax Reform Resource Center, and subscribe to upcoming articles and insights on the aspects of this new law.
