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Ray With the new tax law, are the proposed regulations that…

Hi RayWith the new tax...
Hi RayWith the new tax law, are the proposed regulations that the LLC Partnership structure is built upon still valid? In other words, did the 2017 Tax Cut and Jobs Act have any impact on these proposed regulations?I don’t want to put any more of my clients into this structure until I find out if the regulations have been impacted by the law.Thanks
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1/15/2018
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 45,165
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Corporate tax rates, like individual tax rates, are progressive. For 2017, corporate rates range from 15% to 39% (except for personal service corporations which are taxed at 35%) while individual tax rates range from 10% to 39.6%. While the brackets vary, the rates for individuals and corporations are pretty closely aligned.

Here in 2018 the new tax law now provides for a flat 21% tax rate for corporations (the new tax rates for individuals are here). You can imagine how that could have been problematic without more changes: If companies were taxed at a lower rate than individuals, the pass-through scheme doesn't work. But creating a new tax rate for the entities would take away the pass-through nature of the entity. Congress' solution? Business income that passes through to an individual from a pass-through entity and income attributable to a sole proprietorship will be taxed at individual tax rates less a deduction of up to 20% to bring the rate lower.

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It should have some good change on the rates thats about it here.

Thanks and thanks for rating 5 stars.

Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 45,165
Experience: Texas Attorney for 30 years dealing in real estate
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