This webinar presented a broad overview of pending tax legislation and provided details on how the current Federal tax legislation proposals will affect individuals, families, and small and large businesses. The presenters also identiied planning opportunities for businesses to ensure that opportunities for tax minimization are realized and pitfalls are avoided. Participants will understand how the potential tax legislation will affect themselves individually, their families, their businesses, and how to plan for future tax liabilities.

1. Tax Reform Legislation
Analysis
An overview of the Tax Cuts and Jobs Act of 2017

2. About Us
Mark Heath, CPA
Partner and Director of Tax
mheath@macpas.com
Dan Matarrese, CPA
Senior Manager and Director of
Individual Tax Services
dmatarrese@macpas.com

3. Individual Taxes – The Key Aspects
Tax Rates:
• Under pre-Act law, individuals were subject to six tax rates: 10%,
15%, 25%, 28%, 33%, 35%, and 39.6%.
• For tax years beginning after Dec. 31, 2017 and before Jan. 1,
2026, seven tax brackets apply for individuals: 10%, 12%, 22%,
24%, 32%, 35%, and 37%.
• The Act also provides four tax brackets for estates and trusts: 10%, 24%,
35%, and 37%

4. Individual Taxes – The Key Aspects
• Standard Deduction Increased (almost doubled)
• Personal Exemptions – Suspended
• Child Tax Credits – Increased and Expanded
• State and Local Tax Deduction Limited – Up to $10,000
• Mortgage Interest Deduction – Limited to $750,000 of
principal

5. Individual Taxes – The Key Aspects
• Charitable Deduction – AGI % Up to 60%
• Miscellaneous Itemized Deductions – Suspended
• “Pease Limitation” – Suspended
• AMT Retained – With higher exemptions
• New Deduction for Pass-through Income*

6. Corporate Taxes – The Key Aspects
• C-Corp Rates:
• Graduated tax rate replaced by a flat rate of 21%
• AMT – Repealed
• Depreciation – Many Changes
• DPAD – Sec. 199 – Repealed
• Some changes to various deductions

7. Discussion and Questions
Mark Heath, CPA
Partner and Director of Tax
mheath@macpas.com
Dan Matarrese, CPA
Senior Manager and Director of
Individual Tax Services
dmatarrese@macpas.com

8. Building Successful
Employee Relationships
A Cornerstone to Fraud Prevention
and Risk Management