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Title: Tax Changes Affecting Holders of Pass-Through Vehicles Date: Wednesday, February 7, 2018- REPLAY Time: 1:00 PM Eastern Standard Time Duration: 1 hour |
Morrison & Foerster Tax Reform Series - Session One: Tax Changes Affecting Holders of Pass-Through Vehicles |
Prior to the Tax Cuts & Jobs Act of 2017, owners of partnerships, S corporations, and sole proprietorships – as “pass-through” entities – pay tax at the individual rates, with the highest rate at 39.6 percent. Now, H.R. 1 allows a temporary deduction in an amount equal to 20 percent of qualified income of pass-through entities, subject to a number limitations and qualifications. As well as a reduction in the threshold amount above. The new law also contains rules that will prevent pass-through owners – particularly service providers such as accountants, doctors, lawyers, etc. – from converting their compensation income taxed at higher rates into profits taxed at the lower rate.
Morrison Foerster will discuss the prior law, current law, and focus on the following areas:
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