Trump GOP: US tax reform

Welcome to our US tax reform page. This page is a resource for the progression of the US GOP tax reform introduced in 2017, and provides updates, a timeline of key developments, and various analyses on the implications and opportunities.

Signed into law on December 22, 2017, it represents the most significant US tax reform since 1986. Many of the provisions are slated to become effective on January 1, 2018. With implications for business entities, charities and individuals within and outside of the United States it gives rise to the following question – “How does this impact me, my affairs and businesses?”

The impacts are far reaching as individuals may need to re-evaluate their decisions to move or buy or sell a home, businesses will need to evaluate proposed budgets and projects and review their lending practices and charities will need to review funding and operational practices. Long standing choice of entity decisions will need to be reconsidered.

Unfortunately, and consistent with much of US politics in the last year, little time is scheduled or tabled for comments and discussion. This leads to the more important question – “What should I do now?“‎ As in immediately, due to the fact that certain rules may change in profound ways in less than 10 weeks.

As attorneys and advisors, it is important that our clients understand the implications for them as well as options available to them. The impacts will affect real life spending decisions both in the near term (before 2018) and going forward and we look forward to providing our clients with timely and sophisticated guidance to help them navigate this quickly evolving landscape.

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September 2018


July 2018


June 2018


OUR COMMENTARY

Tax Reform and the Family Office (Greenwich)


June 5, 2018

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Tax Reform and the Family Office (New York)


June 7, 2018

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March 2018


OUR COMMENTARY

Tax Cuts and Jobs Act: Impact on Chinese clients' wealth and business interest planning


March 29, 2018

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Foreign grantor trusts, US situs assets and 'check the box' planning under the US Tax Reform Act


March 19, 2018

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An unexpected hit to foreign tax credits in the 2017 Tax Reform


March 6, 2018

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US individuals (apparently) are more GILTI than large corporations


March 6, 2018

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February 2018


OUR COMMENTARY

How to maximize the increased transfer tax exemptions


February 21, 2018

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The "new" alternative minimum tax


February 13, 2018

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Single family office operations 2018: Recent case law and coordination with legislative developments


February 12, 2018

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January 2018


GOVERNMENT PRONOUNCEMENTS

OUR COMMENTARY

Video: How will the US tax reforms affect you?


January 26, 2018

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How the new federal and New York estate tax exemption could affect your estate plan


January 22, 2018

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How the new federal and Connecticut estate and gift tax exemption could affect your estate plan


January 22, 2018

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Event: US tax reform for international private clients


January 24, 2018

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Single family offices and considerations for 2018


January 17, 2018

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US tax reforms – the impact abroad


January 11, 2018

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Tax changes affecting major real estate markets in the USA


January 10, 2018

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Webinar: The new tax law - What estate planners and wealth professionals should know


January 10, 2018

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Real estate markets in the USA and UK affected by major tax changes


January 3, 2018

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4 ways tax reform may affect the sports world


January 2, 2018

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December 2017


GOVERNMENT PRONOUNCEMENTS

OUR COMMENTARY

Tips for year-end planning in light of the GOP tax bill


December 21, 2017

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Consensus tax bill leaves out many changes for tax exempt organizations


December 21, 2017

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Impact of tax reform on tax-exempt organizations paying compensation in excess of US$1 million


December 21, 2017

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Thinking of selling your intellectual property? A few days could make a world of difference to your bottom line


December 18, 2017

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No estate tax repeal in the final US tax bill


December 15, 2017

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Senate and House Bills differ substantially on provisions for tax-exempt organizations


December 6, 2017

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US tax reform - staying prepared


December 6, 2017

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November 2017


GOVERNMENT PRONOUNCEMENTS

OUR COMMENTARY

Webinar: The Tax Cuts and Jobs Act


November 28, 2017

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Update: Effect of proposed US tax bill on family offices and investment vehicles


November 22, 2017

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US Inbound Taxation: Senate Finance Committee tax reform plan would overturn recent Tax Court decision


November 10, 2017

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Update: Effect of Senate tax proposal on the art market


November 10, 2017

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Tax plan comes with a few surprises for charities and donors


November 6, 2017

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US tax proposals: reform, rate adjustment or just hyperbole?


November 6, 2017

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Effect of proposed US tax bill on the art market


November 2, 2017

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September 2017


GOVERNMENT PRONOUNCEMENTS

OUR COMMENTARY

Webinar: The unified framework on tax reform - What estate and wealth planning professionals need to know


October 12, 2017

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From blueprint to framework: Construction begins on US tax reform initiative


September 29, 2017

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Details of comprehensive US tax reform announced


September 28, 2017

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July 2017


GOVERNMENT PRONOUNCEMENTS

June 2017


GOVERNMENT PRONOUNCEMENTS

April 2017


GOVERNMENT PRONOUNCEMENTS

OUR COMMENTARY

Trump tax plan released in summary form and provides for 15% business tax rate


April 28, 2017

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November 2016


OUR COMMENTARY

Trump administration and a Republican controlled Congress - Possible tax changes on the horizon


November 11, 2016

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September 2016


GOVERNMENT PRONOUNCEMENTS

June 2016


GOVERNMENT PRONOUNCEMENTS

2014


GOVERNMENT PRONOUNCEMENTS

For help and advice

Media comments


‘Art Is Seen as a Glittering Investment. Will New Taxes Take Off the Shine?,’ New York Times – September 14, 2018, Diana Wierbicki

‘Bring it Home,’ Los Angeles Lawyer – September 2018, Paul Sczudlo

’4 Tips For Estates To Cope Without Miscellaneous Deductions,’ Law360 – August 2, 2018, Jim Brockway

IRS to issue carried interest regs under new tax law,’ Think Advisor – March 5, 2018, Elliot Galler

‘Axing deadwood tax regs of little use to businesses,’ Law360 – February 15, 2018, Jim Brockway

‘Regulatory outlook after Trump’s tax reform,’ Wealthmanagement.com – February 14, 2018, Jim Dougherty, Sandra Fung

‘Withers: What the US tax reforms will mean for US expats,’ International Investment – January 22, 2018, Richard Cassell, Jaime McLemore

‘How the tax code rewrite favors real estate over art,’ The New York Times – January 12, 2018, Bill Kambas

’4 ways tax reform may affect the sports world,’ Law360 – January 2, 2018, Michael Rueda, David Lehn

‘Got IP? Get out. For investors thinking of selling, acting in the next few days is critical,’ IPWatchdog – December 22, 2017, Steven Moore, Aaron Schumacher, Shannon Smith-Retzke, Wonchi Ju, Ashley Slisz

’5 things To do before Jan. 1 to lower your tax bill’, The Washington Post – December 22, 2017, Jim Brockway

‘Top Federal Tax Regulations Of 2017: Year-In-Review’, Law360 – December 18, 2017, Bill Kambas

‘Want an Alternative to Donating Art? Open Your Own Museum,’ The Wall Street Journal – December 10, 2017, Diana Wierbicki

‘House Tax Bill is Littered with Loopholes for Wall Street’s Wealthiest,’ Bloomberg News – November 21, 2017, Richard Levine

‘The House Tax Plan is Conveniently Full of “Drafting Glitches” that Benefit the Rich,’ Vanity Fair – November 21, 2017, Richard Levine

‘Tax cuts for Small-Business Owners? It’s Complicated,’ The New York Times – November 17, 2017, Ivan Sacks

‘The House tax proposal: Some key implications for family office’ Forbes – November 13, 2017, Edward Renn

‘Will the US tax proposal sell out art buyers?’ The Art Newspaper – November 7, 2017, Diana Wierbicki, Amanda Rottermund

‘Tax Plan Comes With a Few Surprises for Charities and Donors,’ Trusts & Estates – November 6, 2017, Paul Roy, Eric Fischer

‘What Investors Need to Know About the Tax Bill,’ Barron’s – November 4, 2017, Ridge Barker

‘Wealthy Benefit From Estate Tax Changes, AMT Repeal in House Bill,’ Bloomberg BNA – November 3, 2017, David Lehn

‘Art Market May Lose ‘Driving Force’ as Tax Plan Targets Loophole,’ Bloomberg Quint – November 3, 2017, Bill Kambas, Diana Wierbicki

GOP Aims to Kill the Estate Tax: What it Means for You,’ Fox Business – November 3, 2017, Bill Kambas

‘Tax Reform Bill Delays Estate Tax Repeal, Retains Basis Step-Up,’ Tax Notes – November 3, 2017, Richard Levine

‘House and Senate Budget Measures Advance Tax Reform,’ Accounting Today – October 6, 2017, Richard Levine

‘Asian investors to benefit most From Trump tax reform,’ South China Morning Post – October 5, 2017, George McCormick

‘Gaps in Trump-GOP Tax Plan Hint at Loss of Current Benefits,’ Law360 – October 4, 2017, Jim Brockway

‘Asian investors to potentially gain from US tax proposals,’ Hubbis – October 4, 2017, George McCormick

‘Asian investors set to benefit from Trump’s tax plan, say experts,’ South China Morning Post – October 4, 2017, George McCormick

‘Regulatory Crackdown May Open Up Tax Loopholes,’ Law360 – October 3, 2017, Jim Brockway

‘Would Donald Trump’s Tax Plan Be a Bonanza for the Art World? A Skeptical Analysis,’ Artnet News – October 2, 2017, Diana Wierbicki