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How will the US tax reforms affect you?
Note: We have provided a transcript of the discussion in this video if you are unable to watch the video version. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.
Jamie McLemore (00:10 - 01:06): The new U.S. tax legislation is the most significant change to the US tax code in over 30 years. The legislation was signed into law on the 22 December 2017. Most of the provisions take effect from 1st January 2018, some provisions delaying until 2019, and many of the individual provisions will expire at the end of 2025. There is a lot in this legislation, but for the purposes of this short video, I want to focus on international clients. There are four things I would want to highlight for international clients, and they are the increase in the estate tax exemption amount, the reduction in the US corporate tax rate, and the changes to the controlled foreign corporation rules as well as the foreign tax credit baskets.These rules are really complicated and bearing in mind the changes that are taking place throughout the world in other jurisdictions, it's never been more important for international clients to get good advice and we can help with that.With the most significant US tax reform in over 30 years signed into law in December and most of the provisions taking immediate effect from January 1st 2018, Jaime McLemore gives an overview of how President Trump's changes could impact anyone with US interests.
Note: We have provided a transcript of the discussion in this video if you are unable to watch the video version. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.
Jamie McLemore (00:10 - 01:06): The new U.S. tax legislation is the most significant change to the US tax code in over 30 years. The legislation was signed into law on the 22 December 2017. Most of the provisions take effect from 1st January 2018, some provisions delaying until 2019, and many of the individual provisions will expire at the end of 2025. There is a lot in this legislation, but for the purposes of this short video, I want to focus on international clients. There are four things I would want to highlight for international clients, and they are the increase in the estate tax exemption amount, the reduction in the US corporate tax rate, and the changes to the controlled foreign corporation rules as well as the foreign tax credit baskets.These rules are really complicated and bearing in mind the changes that are taking place throughout the world in other jurisdictions, it's never been more important for international clients to get good advice and we can help with that.Get in touch
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