The sweeping changes under the 2017 tax act (Pub. L. No. 115-97) contain elements that will likely spur profits and growth across many industries, while also creating compliance challenges and traps for the unwary.
One thing is certain: The tax treatment of business and high-wealth individuals under the act has only increased in complexity, and taxpayers are likely to face trade-offs as they navigate the new provisions. Every business sector has reason to cheer a lower corporate tax rate and repeal of the corporate alternative minimum tax.
Find out more about impact to specific industries in this special report.