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On December 22, 2017, President Trump signed into law tax reform legislation (the “Act”) formerly known as the Tax Cuts and Jobs Act. Under the Act, miscellaneous itemized deductions that had been available to individual taxpayer’s to reduce taxable income are suspended from 2018 through 2025. Such miscellaneous itemized deductions include items such as unreimbursed employee business expenses, tax return preparation costs, cost incurred in contesting taxes, hobby expenses, investment expenses, and expenses for the production or collection of income among others.
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The value of non-cash payments in the US and UK will reach $46 trillion and £1.44 trillion respectively by 2026, new research from leading global law firm Paul Hastings shows today.
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On December 22, 2017, President Trump signed into law tax legislation formerly known as the Tax Cuts and Jobs Act (the “Act”). This most comprehensive tax overhaul since 1986 creates significant opportunities to minimize a business entity’s overall tax burden. Set forth below are some of the key business taxation provisions of the Act:
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President Trump signed into law tax reform legislation containing provisions that impact executive compensation and equity-based compensation.
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The U.S. Supreme Court issued a landmark decision on June 21, 2018 in South Dakota v. Wayfair, Inc., which held that states may require retailers to collect sales taxes even if the retailer had no physical presence in the state.