President Signs Tax Reform Bill into Law

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December 22, 2017

The President signed the Tax Cuts and Jobs Act (the “Act”) into law this morning, nearly two months after its November 2 introduction in the House.  The Act represents the most significant revision to the tax code since 1986.  For further detail on the substance of the Bill, please see the series we released over the weekend (Part IPart II; and Part III).

Practitioners now await implementation of certain provisions of the Act by Treasury and IRS, which are both required to issue guidance in various areas.  Expect to see a steady release of regulations, notices, and other guidance to further refine the law in areas affected by the Act.  Areas in which the agencies struggle with implementation and compliance will likely be fixed with a technical corrections bill.