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Expert Analysis

Top Tax Changes For Law Firms: What Lawyers Need To Know

By Evan Morgan ( March 23, 2018, 3:03 PM EDT) -- The Tax Cuts and Jobs Act, P.L. 115-97, includes significant tax cuts for many businesses, but law firms on the whole won't fare as well. For firms structured as corporations, there's good news in provisions such as the decrease in the maximum corporate tax rate to 21 percent. Additionally, the corporate alternative minimum tax, or AMT, has been repealed. However, many law firms are organized as pass-through entities, and several limitations on deductions mean they won't see as much benefit from the new tax law as some other industries....

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