On January 22, 2018, President Trump signed into law H.R. 195 (hereinafter referred to as the "2018 Budget Deal") which ended the federal government shutdown and funds the federal government through February 8, 2018. In addition, the 2018 Budget Deal included a six-year funding extension to the Children's Health Insurance Program. The 2018 Budget Deal also contains a two year delay to the effective dates of the "Cadillac Tax", the medical device excise tax, and an annual fee on health insurance providers. This blog will review the two year delays to the above-referenced taxes and ...
Aside from corporate tax reductions, one of the most important aspects of the new Tax Cuts and Jobs Act beginning this year is the new 20% deduction for “pass-thru” businesses – i.e. businesses that are not corporations. With the corporate tax rate being reduced to a flat 21%, the 20% deduction for other forms of businesses was designed to give a reduction to these businesses approximating the lower corporate tax rate. However, this 20% deduction, found in new Internal Revenue Code § 199A, is saddled with exclusions, phase-outs, technical issues, and uncertainties so that many ...