Designed to provide quick and easy answers to critical tax questions, this edition of the Federal Tax Handbook offers insightful guidance on federal tax law, including the recently enacted Tax Cuts and Jobs Act – the sweeping tax reform law that has entirely changed the tax landscape – as well as the Bipartisan Budget Act of 2018 and other early 2018 tax changes. The updated Federal Tax Handbook explains both changes to the law that apply for the 2017 tax year as well as changes that apply in 2018 and later years.
The updated 2018 Federal Tax Handbook provides guidance on many new tax law provisions, including:
- The new Code Sec. 199A “pass-through” deduction for qualified business income
- New individual income tax rates and standard deduction amounts
- The newly reduced corporate income tax rate and repeal of the corporate alternative minimum tax
- The suspension of personal exemptions and a variety of other deductions, as well as changed rules for state and local tax deductions
- New limitations on business interest deductions and modified rules governing net operating losses (NOLs)
- Significant changes to depreciation and expensing provisions
- New rules governing the taxation of multinational entities, including the “participation exemption” system for certain dividends from foreign subsidiaries
- Re-computed 2018 tax figures reflecting the new post-2017 measure of inflation
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