Tax reform readiness: Impact on high net worth individuals

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March 2018

Overview

The 2017 tax reform reconciliation act (the Act) — the largest overhaul of the US tax code in 31 years — already is having a substantial impact on US taxpayers. While much of the focus has been the Act’s impact on multinational corporations, many provisions of the Act affect the taxation of individuals.

This Insight reviews the impact of the Act on high-net-worth individuals and planning considerations for these taxpayers. PwC on March 28 hosted a webcast featuring PwC Personal Financial Services specialists who discussed provisions of the Act affecting high-net-worth individuals, their investment entities, and family offices. During the discussion, the panelists highlighted key issues related to private equity, hedge funds, real estate, international taxation, pass-through entities, executive compensation, employee benefits, and estate, gift, and trust planning. Watch the webcast replay and register for future webcasts in PwC’s Tax Reform Readiness series, which addresses other areas affected by tax reform.

The next webcast — Tax reform readiness: What should treasurers do today? — will take place April 4, from 2:00 PM - 3:00 PM (EST).

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The takeaway

As the above discussion makes clear, despite the Act’s apparent focus on the tax treatment of international businesses, it also includes many provisions that affect the taxation of individuals at all income levels. These provisions may require many individuals, particularly those at higher income levels, to review and possibly restructure their financial situations. Affected individuals could include those that have family offices, invest in hedge funds, private equity, or real estate, use passthrough entities, have cross-border investments, or whose estate may be subject to estate tax.

Contact us

Brittney Saks

Partner, PwC US

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