Business Tax Quarterly Suggested Readings
June 22, 2018
Private equity firm KKR & Co LP has announced Thursday it would convert from a partnership to a corporation after U.S. tax reform made the tax hit less painful, a move that it hopes will boost its share price by attracting more investors.
The guidance is important because the 50 states have 50 ways of treating foreign earnings, and state legislatures have remained mum on the issues in comparison.
Four industries—technology, pharmaceutics, manufacturing, and banking and financial services—are among those that could lose foreign credits and other tax benefits under a new tax on income from intangible assets.
Business groups are pushing a model state statute designed to preserve for owners of certain limited liability companies the ability to deduct taxes they pay to state and local governments on federal returns.
One of the key changes resulting from the Tax Cuts and Jobs Act is a decrease in the corporate tax rate from a top rate of 35% to a flat 21% rate effective January 1, 2018. This reduction in the corporate tax rate makes the United States’ rate significantly more competitive in the global landscape.
Business Tax Quarterly - Summer 2018