TBA Law Blog

Posted by: Katharine Heriges on Dec 27, 2017
Under the new tax bill signed into law last week, law firms will see tax relief for pass-through entities, the ABA Journal reports. The bill gives a tax deduction to owners of pass-through businesses, but caps will phase out the deduction for higher-income professional service providers. Owners of pass-through businesses will be able to take a 20 percent deduction for qualified business income they receive from the entity.