I write to you regarding an issue that may directly affect your practice. The Tax Cuts and Jobs Act that Congress is currently considering and President Trump hopes to sign next week makes changes to the deductions for qualified business income. The House bill excludes professional service businesses such as law firms from claiming those deductions. The Senate bill provides that the deduction applies to all types of pass-through businesses, but professional service providers can only claim the deductions if their income does not exceed certain levels. As these proposed changes are likely to affect most of our members, and due to the administration and Congress’ efforts to sign this bill into law prior to Christmas, I wanted to make certain that you were all informed of the potential effect these proposed changes may have on your tax liability. Below is a list of contact information for both Senators and all Congressmen from the State of Louisiana should you wish to voice your opinion on these proposed changes.
Dona Kay Renegar
President 2017-2018
Louisiana State Bar Association