Tax reform for 2018
Earlier this week, Congress passed the most significant overhaul of the tax code since 1986. Among many other changes, the new tax bill creates new income tax rates and brackets for individuals, limits the state and local tax deduction, provides a new deduction for non-corporate taxpayers with qualified business income from pass-throughs, permanently reduces the corporate tax rate, and makes significant changes to the tax treatment of foreign income and taxpayers, including the exemption from U.S. tax for certain foreign income and the deemed repatriation of off-shore income. The new tax bill was signed into law by President Trump on Friday, Dec. 22, 2017.
To learn more about the new tax bill and how it will affect you, please view the executive summary prepared by Gunster’s private wealth services and tax attorneys.
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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication.
About Gunster
Gunster, Florida’s law firm for business, provides full-service legal counsel to leading organizations and individuals from its 13 offices statewide. Established in 1925, the firm has expanded, diversified and evolved, but always with a singular focus: Florida and its clients’ stake in it. A magnet for business-savvy attorneys who embrace collaboration for the greatest advantage of clients, Gunster’s growth has not been at the expense of personalized service but because of it. The firm serves clients from its offices in Boca Raton, Fort Lauderdale, Jacksonville, Miami, Naples, Orlando, Palm Beach, Stuart, Tallahassee, Tampa Bayshore, Tampa Downtown, Vero Beach, and its headquarters in West Palm Beach. With more than 280 attorneys and consultants, and over 290 committed professional staff, Gunster is ranked among the National Law Journal’s list of the 500 largest law firms and has been recognized as one of the Top 100 Diverse Law Firms by Law360. More information about its practice areas, offices and insider’s view newsletters is available at www.gunster.com.
