The Tax Cuts and Jobs Act (TCJA), signed into law by President Donald Trump in late 2017 and taking full effect in 2018, is easily the most far-reaching and significant change to federal tax policy since the 1980s. From sweeping changes in deductions to fewer tax brackets to a much lower business tax rate, the sea change brought about by the TCJA has been felt in every corner of the U.S. by businesses, industries and individuals alike.
The legal community has indeed been a part of the drama surrounding this new tax law, just like most major industries across the nation. Law firms are now left with a number of questions to ask regarding how to maximize the benefits of the TCJA while minimizing the drawbacks. In this article we address the key areas that law firms should consider.