On Wednesday, December 20, 2017, Congress enacted An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 (formerly known as the Tax Cuts and Jobs Act), dramatically changing the U.S. tax landscape. While certain taxpayers will find their taxes simplified there are many others (e.g., partners, self-employed individuals, and multinational corporations) that will face increased complexity. Brown Rudnick prepared a "cheat sheet" providing a high-level overview of some of the significant changes that will impact taxpayers. It is understood that President Trump may sign the bill into law between Christmas and New Year's Day.
Download our cheat sheet here.