2018 tax law changes impacting law firms
In this webinar hosted by Baker Tilly’s law firm tax partners, attendees received an in-depth review of the Tax Cuts and Jobs Act (TCJA), proposed regulations and the impact on law firms. The webinar highlighted potential planning opportunities and strategies firms can undertake to help make these changes less time consuming as the 2018 filing season approaches.
The TCJA contains a broad range of changes to the Internal Revenue Code, creating uncertainty and challenges for companies. In addition, the IRS issued new regulations pertaining to the audits of partnership returns. Every partnership, LLP or LLC taxed as a partnership should be thinking about, and potentially making changes to, partnership agreements to take into account this new partnership audit regime. States have been monitoring these federal tax law changes and reacting.
Understanding the TCJA is imperative as the new regulations could have substantial impact to the bottom line.
Highlights included:
- Examination and discussion about how tax reform affects law firms, including a review of proposed regulations
- Highlighted key components of the new partnership audit regulations
- Reviewed changes states have made in reaction to the TCJA
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.
For more information on this topic, or to learn how Baker Tilly professional services specialists can help, contact our team.
