The new U.S. tax law may be considered 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.
How might the tax package mpact you and your privately held company?
Bookmark this page as we provide ongoing insights from tax professionals from KPMG's Closely Held Business Owners Network, who will continue to provide information about the new bill and what owners and executives of privately held companies should know about.
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New Tax Law: Issues for Partnerships, S Corporations, and Their Owners