H.R. 1, originally known as the “Tax Cuts and Jobs Act,” was signed
into law on December 22, 2017. The legislation significantly changes
how individuals, businesses in all industries, multi-national
enterprises, and others are taxed. KPMG has prepared a 167-page report
that summarizes and makes observations about the many tax law changes
in H.R. 1, including permanent reduction of the corporate tax rate to
21% and mandatory repatriation of previously deferred foreign income.
This report focuses on tax law changes impacting partnerships, S
corporations, and their owners. Among other significant changes, H.R.
1 includes a new 20% business deduction that applies to certain
partners and S corporation shareholders and new carried interest rules.
Click here to view the report