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.
