New Law:

The new law eliminates graduated corporate rates and provides a flat 21% rate for taxable income of all C corporations, including those which are PSCs (personal service corporations).


The new rate will greatly benefit corporations formerly subject to higher graduated rates. Pass-through entities (S corporations and partnerships) may want to reconsider the “C” form of business to take advantage of the new rate, particularly if there is a business reason to accumulate earnings in the business for future growth.




Norman Newmark’s practice is focused on tax, estate planning and corporate matters, and he serves as the head of the firm’s tax department. He has an extensive transactional practice involving sophisticated trusts, business entity formation, mergers and acquisitions, buy-sell agreements, and other recognized planning for individuals, health care practices, businesses and non-profit entities.