On December 20, 2017, Congress enacted comprehensive tax legislation (the “New Law”), and this memorandum highlights some of the important provisions relating to individual taxpayers and passthrough entities and provides a comparison with the law that was in effect prior to the New Law. Unless otherwise noted the provisions of the New Law will generally be effective for tax years beginning after December 31, 2017 and before January 1, 2026, and will expire January 1, 2026.
Note that the language of the New Law is subject to change through technical correction and is subject to interpretation through agency guidance. Any tax planning currently should take into consideration the possibility of future changes to, and interpretations of, the language of the New Law.
For information on the Corporate and International Provisions of the New Law, see our alert U.S. Tax Legislation – Corporate and International Provisions dated January 5, 2018.
