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On Dec. 20, 2017, the House and Senate passed the Tax Cuts and Jobs Act, H.R.1, and this bill is on its way to President Trump for signature.  When signed into law, the Tax Cuts and Jobs Act would have a wide impact on various aspects of U.S. federal individual, corporate, partnership, international, and trust and estate taxation. This GT Alert provides a summary of certain key provisions of the Tax Cuts and Jobs Act as reflected in the Conference Committee Report.  The changes described below will generally take effect as of Jan. 1, 2018.  The GT Tax Department will publish additional Alerts on specific aspects of the legislation.

The changes will be discussed under the following headings:

  • Key Individual Tax Provisions
  • Estate Planning and the Taxation of Trusts and Estates
  • Key Home Mortgage Interest Provisions
  • Key Business Tax Provisions
  • Business Tax Credit and Opportunity Zones
  • Key U.S. International Tax Provisions

To read the full Alert, click here.

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Photo of Chang Won Choi Chang Won Choi

Chang Choi focuses his practice on U.S. federal tax matters, with an emphasis on domestic and cross-border mergers and acquisitions, partnership transactions, tax-free spin-offs and other capital market transactions. He has wide-ranging experience representing and advising private equity sponsors in connection with leveraged

Chang Choi focuses his practice on U.S. federal tax matters, with an emphasis on domestic and cross-border mergers and acquisitions, partnership transactions, tax-free spin-offs and other capital market transactions. He has wide-ranging experience representing and advising private equity sponsors in connection with leveraged buy-outs, joint ventures, initial public offerings of portfolio companies, fund formations and structuring matters.

Photo of Marvin A. Kirsner Marvin A. Kirsner

Marvin A. Kirsner is a shareholder in the Fort Lauderdale office where his primary areas of practice deal with corporate, transactional and industry specific tax issues. He serves as the Co-Chair of the State and Local Tax (SALT) Practice.

Photo of James O. Lang James O. Lang

James O. Lang focuses his tax and corporate project finance practice on tax incentive programs, Qualified Opportunity Zone and Qualified Opportunity Fund financing, tax credits, and related state and federal incentive programs.  Jim is closing over $8 billion of Qualified Opportunity Funds and…

James O. Lang focuses his tax and corporate project finance practice on tax incentive programs, Qualified Opportunity Zone and Qualified Opportunity Fund financing, tax credits, and related state and federal incentive programs.  Jim is closing over $8 billion of Qualified Opportunity Funds and ancillary Qualified Opportunity Zone deployment of funds and has closed or is structuring several billion dollars in tax credit incentivized transactions.  Jim represents funds, investors, lenders, community development entities, and for-profit and not-for-profit project sponsors in complex transactions where capital stacks require enhancement through incentive financing, including Qualified Opportunity Zone incentives, state and federal new markets tax credits, affordable housing and low-income housing tax credits, historic rehabilitation tax credits, and renewable energy tax credits. He works with funds, investors, lenders, project sponsors, and qualifying businesses to structure these tax incentive programs along with ancillary governmental and non-governmental financing programs, including inbound immigration and Visa investment programs, grants, and taxable and tax-exempt bonds. Jim works with clients on developing creative structures designed to increase benefits and ameliorate risks.

Photo of Noam Lipshitz Noam Lipshitz

Noam Lipshitz focuses his practice on U.S. federal income tax matters, with an emphasis on corporate and partnership transactions. He is experienced handling the tax aspects of mergers and acquisitions, investment partnerships, joint ventures, debt and equity restructurings and securities offerings. His clients…

Noam Lipshitz focuses his practice on U.S. federal income tax matters, with an emphasis on corporate and partnership transactions. He is experienced handling the tax aspects of mergers and acquisitions, investment partnerships, joint ventures, debt and equity restructurings and securities offerings. His clients include private equity funds, venture capital funds, private and public companies, REITs, individuals and tax-exempt organizations.

Photo of Paul B. McCawley Paul B. McCawley

Paul B. McCawley is Co-Chair of the National Private Wealth Services Practice and focuses his practice on sophisticated estate planning for individuals and families. Such planning involves an overall plan for the client and the client’s family relating to the preservation and transfer…

Paul B. McCawley is Co-Chair of the National Private Wealth Services Practice and focuses his practice on sophisticated estate planning for individuals and families. Such planning involves an overall plan for the client and the client’s family relating to the preservation and transfer of wealth while minimizing income taxes and transfer taxes (estate taxes, gift taxes, and generation-skipping transfer taxes) to the extent consistent with the client’s goals. Paul is a Florida Bar Board Certified Specialist in Wills, Trusts and Estates.

Photo of William R. Siegel William R. Siegel

Bill Siegel is Co-Chair of the Global Tax Practice. He focuses on real estate, corporate and entertainment joint ventures. He has structured and negotiated complex joint ventures throughout the world and has wide-ranging experience advising real estate, corporate and entertainment clients on their…

Bill Siegel is Co-Chair of the Global Tax Practice. He focuses on real estate, corporate and entertainment joint ventures. He has structured and negotiated complex joint ventures throughout the world and has wide-ranging experience advising real estate, corporate and entertainment clients on their legal structures and related transactional matters.

Photo of Robert D. Simon Robert D. Simon

Robert D. Simon assists clients in the tax ramifications of cross-border transactions. He frequently advises clients involved in mergers, acquisitions, restructurings, and dispositions of public and private companies. Bob has been involved in planning a number of major domestic and international reorganizations and

Robert D. Simon assists clients in the tax ramifications of cross-border transactions. He frequently advises clients involved in mergers, acquisitions, restructurings, and dispositions of public and private companies. Bob has been involved in planning a number of major domestic and international reorganizations and spin-offs.

Bob has broad experience in tax planning for U.S. corporations operating abroad, including internal structuring for optimal tax results. His international tax practice is focused on all areas of “outbound” investment – emphasizing foreign tax credit planning, tax deferral, holding companies, the tax-efficient use of debt, the repatriation of foreign earnings, tax treaties and management of a company’s worldwide effective tax rate.

Bob also advises foreign corporations who are purchasing U.S. businesses or expanding their existing U.S. operations. He has advised on all aspects of “inbound” investment, including capitalization of U.S. operations, restructuring, withholding tax, the repatriation of earnings, tax treaties and foreign investment in U.S. real property. Bob assists many foreign natural resource companies on their U.S. operations and acquisitions. Bob also advises real estate funds and investors, particularly with respect to the U.S. income tax consequences of investments by foreign investors, including sovereign wealth funds and pension funds.

Photo of Diana Zeydel Diana Zeydel

Diana C.C. Zeydel is global chair of the Private Wealth Services Practice and focuses her practice on estate and tax planning for high-net-worth individuals and families, including intra-generational wealth transfer strategies and business succession planning. Her practice includes planning for United States and…

Diana C.C. Zeydel is global chair of the Private Wealth Services Practice and focuses her practice on estate and tax planning for high-net-worth individuals and families, including intra-generational wealth transfer strategies and business succession planning. Her practice includes planning for United States and non-United States citizens and residents. Diana also assists clients with litigated probate, trust, and guardianship matters, and represents clients before the Internal Revenue Service in matters involving fiduciary income tax and estate, gift, and generation-skipping transfer tax controversies. She represents corporate and individual fiduciaries in connection with the administration of estates and personal and charitable trusts. Diana also assists clients in preparing prenuptial and postnuptial agreements. She has participated in numerous projects involving governmental submissions in the estate, gift, and GST tax areas and serves as an expert witness in cases involving her practice areas.

Diana is a frequent lecturer and author and has spoken on a variety of topics before the American College of Trust and Estate Counsel, the Real Property, Trust and Estate Section of the American Bar Association, the Real Property, Probate and Trust Law Section of the Florida Bar, as well as various other professional organizations. She received the “Best in Wealth Management” Americas Women in Business Law Award given by IFLR/Euromoney in 2014 and 2019. She has been recognized by her peers as “a key figure in shaping the whole wealth management legal profession” and “an incredibly intelligent and creative practitioner, particularly on the tax and business restructuring side.” Chambers USA Guide.

Prior to attending college and law school, Diana was a professional ballet dancer. She received her training on a full scholarship at the Joffrey Ballet School in New York, and was awarded an apprenticeship with the Company. She instead accepted an offer to join the Chicago Ballet, where she was quickly given the opportunity to perform soloist and principal roles.