If you’re like me, you spent the last month scouring the Internet for information on the Tax Cuts and Jobs Act, but only as it is relevant to you and your business. Let’s be honest – when new tax laws come around, your first thought is: “how does this affect me?”
If you’re like me, you discovered an ever-growing mountain of articles, charts, and thoughts on the new Act. Like Goldilocks, I found most to be problematic: some were too concise, leaving out too much of the details that affect the applicability of certain provisions; some were written too densely or in legalese that made it difficult to understand what it did or didn’t do for me; and some misinterpreted the law and presented those mistakes to the world as fact, which casts a shadow of doubt over many of the sources.
I was fortunate enough to attend the recent lecture on the Act presented by Professor Samuel A. Donaldson of Georgia State University College of Law which highlighted key provisions affecting individuals, businesses, and estate planning. Lucky for you, Professor Donaldson’s article, on which his lecture was based, is publicly available without charge here. Do not be daunted by its length; you’ll find the information to be well-organized, easily digestible, relevant to you and your business, and reliable. Note, however, that the article does not cover all provisions of the Act, as clearly stated in the abstract:
“This manuscript summarizes key provisions of the so-called “Tax Cuts and Jobs Act” affecting United States individuals, small businesses, estates, and trusts. It does not cover changes made to pension and retirement accounts, provisions applicable only to certain industries, rules applicable to tax-exempt organizations, international tax reform, or repeal of the individual mandate under the Patient Protection and Affordable Care Act.”
If you have not done so already, schedule a meeting with your tax professional about the effect of the Act on you and your business going forward. Skim through Professor Donaldson’s article beforehand to identify discussion points and possible changes that may benefit your business going forward. You may even wish to provide the link to your tax professional so that you can literally be on the same page while discussing a specific provision.
DISCLAIMER: The link to Professor Donaldson’s article is provided with full permission from the author. The article is solely Professor Donaldson’s work. Cohen Durrett LLP is not affiliated with Professor Donaldson in any way and does not derive any benefit from providing the link to his article on the firm website.