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  • Tax Reform Updates

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  • Estate Planning
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  • Gary M. Kirk

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  • Tax
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  • Full Article
April 20, 2018News

Kirk Featured in Puget Sound Business Journal Thought Leader Forum ‘Tax Reform Implications’

In the News

Gary Kirk was featured in a Thought Leader Forum on tax reform in the April 20 issue of Puget Sound Business Journal (PSBJ). H.R. 1 — referred to as the Tax Cuts and Jobs Act — enacts sweeping changes to tax laws that impact both individuals and businesses. Kirk discusses what individual families and closely-held businesses need to know about these changes.

Q. PSBJ: You mentioned inquiries that you’ve gotten so far. What has the flow been like?

A. Kirk: I largely work for individual families and closely-held businesses and we’ve been looking at the same things except they’re very client specific. One family may evaluate the benefits from converting from an S Corporation to a C Corporation to take advantage of the lower tax rates for C Corporations under the new tax legislation. Another family may consider moving the opposite direction. The unique characteristics of each closely-held business often lead to the business owners needing to make different decisions. One aspect of that analysis is whether the owners will continue to pay the business profits in the form of dividends to the shareholders, which will lead to double taxation for C corporations and the shareholders, or will they recapitalize the profits into the business at the new C Corporation income tax rates. We also review the new deduction for qualified business income. Will passive rental activity qualify as business income? What types of income-producing activity will qualify as business income? How will trusts take advantage of that? And then, we have a large transaction where the new interest rate restrictions came into play. So, it’s been a different question and a different analysis for every client.

You May Also Like

  • January 16, 2018Publication
    Choice of Entity Calculus Modified by Tax Reform in Light of the Qualified Business Income Deduction: IRC Section 199A
    Tax Reform Update
  • January 23, 2018Publication
    How IRC 199A and the New 20-Percent Tax Deduction for Small Businesses Works (or Doesn’t) for Sole Proprietors
    Tax Reform Update

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