{"id":567,"date":"2018-06-04T15:28:20","date_gmt":"2018-06-04T15:28:20","guid":{"rendered":"https:\/\/tysllp.com\/?p=567"},"modified":"2019-05-31T14:45:58","modified_gmt":"2019-05-31T14:45:58","slug":"whats-new-in-the-tax-cuts-and-job-act-part-1","status":"publish","type":"post","link":"https:\/\/tysllp.com\/whats-new-in-the-tax-cuts-and-job-act-part-1\/","title":{"rendered":"What’s New in the Tax Cuts and Job Act Part 1"},"content":{"rendered":"

The Trump administration\u2019s success in pushing through the new tax legislation marks a major achievement of it\u2019s first year. But, according to one source, \u201cthe hurried, largely furtive drafting, and rush to passage at the end of 2017, have helped obscure the new tax regime\u2019s real impact.\u201d Focusing on the politics has muddled the sweeping repercussions of the Tax Cuts and Job Act (TCJA), which brings significant, even revolutionary changes to income tax beyond simply closing loopholes or adjusting rates.<\/span><\/p>\n

\"New<\/p>\n

In this two-part series we will review TCJA\u2019s impact on corporations and pass-through entities (businesses taxed at the individual or proprietor level). The Joint Committee on Taxation has estimated TCJA\u2019s revenue cost over a decade at $1.5 trillion: 60 percent for individuals, 22 percent for corporations, and 18 percent for pass-through entities. (But note this number indicates tax cuts offset by tax increases.) The impetus for corporate reforms is to encourage and incentivize corporate investment to nurture productivity gains and better wages for workers. It tempers the high marginal rate that led to moving money throughout the world; and it addresses the problem of taxing corporations\u2019 international income, which led to U.S. corporations shifting their headquarters to other countries and stockpiling cash in offshore jurisdictions. <\/span><\/p>\n

Five major changes to the corporate tax code are:<\/span><\/h4>\n