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Tax Cuts and Jobs Act

Congress Passes Biggest Tax Bill Since 1986

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On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986. 

The bill makes small reductions to income tax rates for most individual tax brackets, significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT). It also provides a large new tax deduction for owners of pass-through entities and significantly increases individual AMT and estate tax exemptions. And it makes major changes related to the taxation of foreign income. Learn more about the TCJA by accessing the resources below.

Armanino will keep you informed with updates throughout the year as to how the bill will impact you and your business. Contact us if you have questions or need assistance.

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