Tax reform presents the prospect of lower effective income tax rates, encouraging taxpayers to embrace the usual tenets of tax planning more than ever. A few possible considerations include:
There are many business considerations, including the corporate tax rate, pass-through income, limitations on net interest expense, full expensing of business assets, changes to net operating loss deductions, limitation of like-kind exchanges, limitation on deductibility of FDIC premiums, corporate alternative minimum tax, rules for recognition of income, changes to business tax credit, the modified limit on excessive compensation, and the modified deduction for meals and entertainment expenses.
Individuals will have changes to their ordinary income tax rates, the ACA mandate, their exemptions and deductions, individual AMT, limitation on losses, and estate and generation-skipping transfer taxes.
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