Summary of the Tax Cuts and Jobs Act prepared by the US House of Representatives Committee on Ways and Means
Below is a summary of the Tax Cuts and Jobs Act prepared by the US House of Representatives Committee on Ways and Means distributed on November 2. The Summary is sparse on details especially with respect to the taxation of pass-throughs (partnerships, limited liability companies and S corporations) and the taxation of foreign income and foreign persons. Given the controversial nature of many of the provisions it is anticipated that there will be significant modifications in the course of the legislative process.
Susan Klein focuses her practice on tax matters relating to private international transactions, including mergers, acquisitions and dispositions of businesses, entity formations, venture capital, financial services taxation, tax controversies, and counseling with respect to complex real estate transactions. She has extensive experience advising individuals and companies with respect to their investments and business operations in Canada, Western Europe, and Israel.
Lisa Weinstein Burns is a partner in Rimon’s Private Client Group. For over 20 years, Ms. Burns has concentrated her practice in the areas of tax planning, multi-generational wealth transfers, business succession planning, estate planning and estate administration.