On December 22, 2017, after some degree of uncertainty as to timing, President Donald Trump signed H.R. 1, the “Tax Cuts and Jobs Act” (the “Tax Act”), into law. The Tax Act is an amalgam of the tax bills passed by each chamber of Congress and marks the most sweeping changes to the US tax system in 30 years, touching virtually every area of the US tax rules. This Legal Update discusses the impact of the Tax Act on businesses, the international US tax system, financial institutions, compensation, individuals, partnerships, real estate, tax-exempt entities, the insurance industry and life settlements.
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