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The Tax Cuts and Jobs Act is the largest tax overhaul since the Tax Reform Act of 1986, and there are numerous and significant changes. The changes generally go into effect for tax years beginning after December 31, 2017, and most changes affecting individuals sunset on December 31, 2025. Lawmakers have promised to extend the provisions before the expiration date. A high-level summary of the changes for the taxation of individuals and businesses outlines what these changes mean for you.

U.S. House and Senate Republicans have reached a deal on tax reform plans, paving the way for passage of tax reform by Christmas. The tax reform plan is certain to make profound changes to the tax code that will affect all U.S. taxpayers. This article describes some of the key provisions of the House and Senate bills that are likely to be included in some form in the final legislation, and how they will affect individuals and businesses in 2017 and beyond.

The Tax Cuts and Jobs Act (“TCJA”) is currently proceeding through Congress. The House and Senate recently passed different versions of the legislation, and a conference committee has been working to reconcile them. While additional steps must be completed after a final bill emerges from the conference committee there is a strong likelihood that this will be enacted by the end of 2017. The TCJA appears to be the most sweeping tax legislation that would be enacted in the past several decades, so it carries a number of tax planning ideas in its wake.

The IRS announced increases to the annual gift tax exclusion, and the U.S. estate tax, gift tax, and generation-skipping transfer tax exemptions for 2018. The increases provide high net worth families favorable opportunities for tax-efficient transfers of wealth to their children and other descendants. In addition, the annual gifting can be a simple and effective tool for reducing the size of one’s estate without incurring any gift or estate tax, or reducing one’s estate and gift tax exemption amount.

Beginning in 2018, the rules for auditing partnership income tax returns will change dramatically. The most significant change is that tax deficiencies determined in a partnership audit may be collected from the partnership itself, unless the partnership elects to “push out” the deficiency to its partners. Partnerships and multiple-member LLCs taxed as partnerships should consider amending their agreements to prepare for the new audit rules, including the partnership examination process. There is no one-size-fits-all approach that will work for all partnerships, however.

The right of publicity allows an individual to control the commercial use of his or her name, image, and other aspects of his or her identity. While this issue has never received much attention in the estate and gift tax world, it recently became notable because of Michael Jackson and the tax case concerning his estate. The concept of putting protections in place to control the commercial use of one’s name and image is not just for superstars. It should also be for many high net worth public figures, who would benefit from planning concerning the right of publicity.

While tax changes are debated in Washington, one thing remains certain: you need to plan ahead to make the most of your financial situation (and to minimize your taxes). The 2017 Year-End Planning Guide contains a comprehensive overview of what you need to consider before year-end to minimize your taxes, make thoughtful gifts to charity, and position yourself for the year to come. The guide provides 2017 tax rates, limits, and exclusions as well as strategies for retirement and estate planning to help you achieve your short- and long-term goals.

On November 9, the Senate released its description of The Tax Cuts and Jobs Act. Like the House version that was released earlier, this bill proposes sweeping changes to the Internal Revenue Code that would dramatically impact individuals and corporations. The proponents of this bill indicate that it simplifies the tax code, cuts taxes for the "middle class," and brings our corporate tax structure in line with the rest of the modern world, thereby eliminating the incentive to keep company profits overseas.

When you hear the phrase “estate planning,” the first thought that comes to mind may be taxes. But estate planning is about more than just reducing taxes.