Corporate Taxation – Domestic Tax Law Changes

Wolters Kluwer and Morrison & Foerster Webinar Series

02/14/2018 01:00 p.m. - 02:00 p.m. EST

Capital Markets, Federal Tax, and Financial Services

Thomas A. Humphreys and Remmelt A. Reigersman

Thomas A. Humphreys and Remmelt A. Reigersman

Webinar

The Tax Cuts and Jobs Act of 2017 (H.R.1), signed into law by President Trump on December 22, 2017, is the most sweeping change to the U.S. tax code in decades. This historic bill impacts every taxpayer, and calls for lowering the individual and corporate tax rates, repealing the ACA’s shared responsibility requirement, enhancing the child tax credit, and more.

Wolters Kluwer and Morrison & Foerster will host a three-part webinar series focusing on three of the most impactful areas within the tax overhaul.

Session 2: Corporate Taxation – Domestic Tax Law Changes

Although the current 2017 maximum corporate tax rate is 35 percent, many corporations now pay an effective tax rate that is considerably less. However, H.R. 1 calls for a 21- percent corporate tax rate beginning in 2018, and the new law makes the new rate permanent. Under the new law, the 80-percent and 70-percent dividends received deductions under current law are reduced to 65-percent and 50-percent, respectively. It also repeals the AMT on corporations. 

We will discuss the prior law, current law, and focus on the following areas:

  • New 21% corporate tax rate;
  • 100% expensing;
  • Changes to dividends received deduction;
  • Interest expense deduction limitations;
  • Special treatment of real estate businesses;
  • GAAP before tax income acceleration; and
  • Modifications to NOL rules
    • Unlimited carryovers
    • Elimination of carrybacks.

Speakers:

  • Thomas A. Humphreys, Senior Counsel, Morrison & Foerster LLP
  • Remmelt A. Reigersman, Partner, Morrison & Foerster LLP 

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