McGuire Woods has published an article on its website, entitled “What the New Tax Law Means for Individuals and Closely Held Business Owners.” The article begins as follows:
President Trump intends to sign into law H.R. 1 (the act), the most comprehensive change to the Internal Revenue Code since 1986. The text of the act numbers nearly 500 pages. What follows is a brief summary of some of the key provisions that affect individuals and closely held business owners.
The key provisions the article covers include the following:
- Doubling of the Estate and Gift Tax Basic Exclusion Amount and GST Tax Exemption Amount
- Changes to Income Tax Brackets and Rates for Individuals, Estates and Trusts
- Modification and Elimination of Deductions and Credits Available to Individuals, Estates and Trusts
- Modifications to the Alternative Minimum Tax Exemption Amount
- Deduction for Qualified Business Income of Pass-Through Entities
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.