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Taxing Questions for Law Firms Looking to Benefit in the New Regime

By Meredith Hobbs
March 01, 2018

Like every other business these days, law firms are trying to figure out how to take advantage of the new tax law.

Even if there's still plenty of uncertainty, “the gains are just too large” for firms not to explore tax-saving tricks, says New York University tax professor Daniel Shaviro. “Anyone who can afford the legal advice and has enough money at stake would be insane not to give [them] very serious thought,” he adds.

The new law offers two obvious potential benefits: a 20% deduction for pass-through entities such as partnerships, and a 21% tax on corporations — down sharply from the former 35% corporate rate. Meanwhile, with the top individual income tax rate cut from 39.6% to 37%, this is the first time the corporate rate has been significantly lower than the individual rate since President Ronald Reagan's 1986 tax overhaul.

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