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Gerald Thomas Quoted in The Hill Story on Maximizing Tax Reform Benefits

March 2, 2018

Atlanta partner Gerald Thomas, who heads McGuireWoods’ business tax group, is quoted in a Feb. 25 story in The Hill about how businesses are looking for ways to minimize their tax burden under the recently enacted federal tax reforms.

Expedited through Congress late in the year, the 2017 Tax Act cuts the corporate tax rate from 35 percent to 21 percent, creates a 20 percent deduction for income of non-corporate businesses known as “pass-throughs” and makes other substantial changes intended to create a better business environment.

The story noted, however, that accountants and lawyers are moving cautiously as they help businesses devise their tax strategies, waiting for clarifying guidance from the IRS.

“[G]iven that this tax reform act … was rushed through Congress in such a short period of time, there is a lot of ambiguity in the new tax provisions,” Thomas said.