Dear Valued Clients and Visitors: As our nation responds to COVID-19, our firm is taking precautionary measures by closely following and reinforcing the guidelines from the CDC and local health authorities. Our physical office is open on a intermittent basis. However, please be assured that we are open for business and ready to serve your needs.

If you have a tax problem or inquiry please call and if we are not in leave a message. A return phone call will be made within a short period of time. Now is the time to address your tax matter. We remain committed to our clients and colleagues through these unusual times. Please stay safe and healthy.

Law Offices of Robert T. Leonard, APC
Free Consultations Available
Toll Free 888-408-9486

Businesses respond to Trump’s tax law

President Donald Trump signed the recently passed tax reform bill into law earlier today. The bill makes a number of changes to tax law. Two of the main changes include a reduction in the top individual tax rate. This rate is currently set at 39.6 percent and is reduced to 37 percent.

The second change involves the corporate tax rate. This rate is currently set at 35 percent and is reduced to 21 percent.

A number of companies are openly celebrating passage of this law. 

Which businesses are celebrating? Sinclair Broadcast Group issued $1,000 bonuses to almost 9,000 employees in celebration of the law. The Hill reports the company recognized employees as the most valuable commodity in the company and wanted the bonus to act as a show of their appreciation and optimism towards a bright future.

Sinclair is not alone. The same piece also reports that AT&T decided to pay a one-time bonus of $1,000 to 200,000 employees with the passage of the bill.

Critics point to the bonuses as more than just a sign of appreciation. Both companies are in the midst of controversial merger deals.

Is there cause for concern? The passage of tax reform will have a negative impact as well. One of the most notable is the fact that tax preparation will become more difficult as financial experts will need to carefully review and apply the changes appropriately. A failure to do so could result in an audit.

Audits from the Internal Revenue Service (IRS) are serious matters that can be contested. As such, those who are the subject of an audit are wise to seek legal counsel. 

No Comments

Leave a comment
Comment Information

Send Us A Quick Message

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Law Offices of Robert T. Leonard, APC

Woodland Hills Office
21700 Oxnard Street
Suite 2060
Woodland Hills, CA 91367

Toll Free: 888-408-9486
Phone: 818-224-7935
Fax: 818-587-3833
Woodland Hills Tax Law Office

Los Angeles Office
10100 Santa Monica Blvd.
Suite 300
Los Angeles, CA 90067

Toll Free: 888-408-9486
Phone: 818-224-7935
Fax: 818-587-3833
Map & Directions

Call Today