McGuire Woods: What the New Tax Law Means for Individuals and Closely Held Business Owners

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

See full article by clicking here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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