National Tax Leader, Private Markets Group; Leader, Closely Held Business Owners Network, KPMG LLP
After decades of talking about business tax reform, the Senate and House of Representatives finally agreed on a package. And, in late December, President Trump signed H.R. 1 into law. You might have spent your holidays reading all about it.
You may have read that it is the biggest revision to the U.S. tax code in decades, that it includes substantial changes to the taxation of individuals and businesses, and that it provides a net tax reduction of approximately $1.456 trillion over the 10-year “budget window.” It is, in a word, massive.
But—even with all your reading—you probably still might not know how the tax package will impact you and your privately held company. That is not surprising; H.R.1 is extremely complex.
Read the latest issue of KPMG's Privately Speaking newsletter, where tax professionals from KPMG's Closely Held Business Owners Network provide information about the new bill and what owners and executives of privately held companies should know about.