Forbes Quotes Robb Longman on Republican Tax Plan

Today, the United States House of Representatives and United States Senate are voting on the Republican’s Tax Plan which could, if passed, be the broadest Federal tax reform in more than 30 years. As a result of this pending tax reform, Forbes sought the advice of Longman & Van Grack Tax Attorney Robb Longman regarding the effect that the proposed Tax Plan could have on real estate investors. One section of the Tax Plan specifically addresses allowing “people to deduct up to 20% of the income they get from pass-through businesses.”

In the Forbes article titled “President Trump Could Save $11 Million A Year From New Tax Bill“, Tax Attorney Robb Longman told Forbes: “The new code is definitely going to have the most impact for real estate investors.” Mr. Longman further explained why such individual investors would benefit from the proposed Tax Plan:  “Those are the individuals who have used pass-through entities in the past.” The Forbes article continued to state that: “The new bill allows people to deduct up to 20% of the income they get from pass-through businesses. In an apparent effort to stop people from acting like they operate pass-through entities just to get a 20% discount, the Senate version of the bill capped the amount of tax-free income at half of all wages paid to employees. That way real businesses, with lots of people working for them, can get big tax breaks. And holding companies that had one or two people cannot.” While the current Tax Plan has not yet been passed by the House and Senate, it could be approved by the two legislative bodies as early as this evening.

Robb Longman, who is the Chair of the Firm’s Tax Practice, regularly assists clients in all tax law matters and has testified before the Maryland legislature regarding tax policy. Mr. Longman currently serves Assistant Secretary of the American Bar Association (“ABA”)’s Section of Taxation, is a fellow of American College of Tax Counsel, and is the former Chair of the Maryland State Bar Association’s Taxation Section. Mr. Longman has been practicing tax law for nearly sixteen years, not including his time as a student attorney at the University of Baltimore School of Law. Mr. Longman provides services to tax clients such as representing his clients for individual and business tax planning as well as working with his clients to resolve disputes with the Internal Revenue Service, Comptroller of Maryland and other state taxing agencies. You can reach Robb directly at (301) 291-5027.