United States: Tax Law Changes Under Tax Cuts And Jobs Act

On December 15th, the congressional conference committee charged with reaching a consensus on the competing versions of the Senate and House tax reform bills released its conference report containing the language of the final bill.  The final bill, titled Tax Cuts and Job Acts (TCJA), is expected to be approved by both chambers next week and signed into law by the end of the year.  The chart below highlights the key aspects of the final bill.

We will provide regular updates on the tax reform bill and anticipate providing live seminars on the topic starting in January, so please stay tuned.

INDIVIDUAL
Topic Current Law Final Bill
Rates[1] – Single 10% — $0 – $9,325
15% — $9,326 – $37,950
25% — $37,951 – $91,900
28% — $91,901 – $191,650
33% — $191,651 – $416,700
35% — $416,701 – $418,400
39.6% — over $418,400
10% — $0 – $9,525
12% — $9,526 – $38,700
22% — $38,701 – $82,500
24% — $82,501 – $157,500
32% — $157,501 – $200,000
35% — $200,001 – $500,000
37% — over $500,000
Rates – Married Filing Jointly & Surviving Spouses 10% — $0 – $18,650
15% — $18,651 – $75,900
25% — $75,901 – $153,100
28% — $153,101 – $233,350
33% — $233,351 – $416,700
35% — $416,701 – $470,700
39.6% — over $470,700
10% — $0 – $19,050
12% — $19,051 – $77,400
22% — $77,401 – $165,000
24% — $165,001 – $315,000
32% — $315,001 – $400,000
35% — $400,001 – $600,000
37% — over $600,000
Rates – Married Filing Separately 10% — $0 – $9,325
15% — $9,326 – $37,950
25% — $37,951 – $76,550
28% — $76,551 – $116,675
33% — $116,676 – $208,350
35% — $208,351 – $235,350
39.6% — over $235,350
10% — $0 – $9,525
12% — $9,526 – $38,700
22% — $38,701 – $82,500
24% — $82,501 – $157,500
32% — $157,501 – $200,000
35% — $200,001 – $300,000
37% — over $300,000
Rates – Heads of Households 10% — $0 – $13,350
15% — $13,351 – $50,800
25% — $50,801 – $131,200
28% — $131,201 – $212,500
33% — $212,501 – $416,700
35% — $416,701 – $444,500
39.6% — over $444,500
10% — $0 – $13,600
12% — $13,601 – $51,800
22% — $51,801 – $82,500
24% — $82,501 – $157,500
32% — $157,501 – $200,000
35% — $200,001 – $500,000
37% — over $500,000
Capital Gains By holding assets for one year or less, any capital gain will be considered short-term and will be taxed at ordinary income tax rates.  By holding assets for one year or more, any capital gain will be considered long-term and is taxed at rates up to 20% No significant change, except the brackets will be adjusted
Standard Deduction[2] Single & Married Filing Separately – $6,350
Married Filing Jointly & Surviving Spouse – $12,700
Heads of Households – $9,350
Single and Married Filing Separately – $12,000
Married Filing Jointly & Surviving Spouse – $24,000
Heads of Households – $18,000
Personal Exemption $4,050 per person in each household Eliminated
Child Tax Credit[3] $1,000 per child with modified adjusted gross income phase outs at $75,000 for single and heads of households filers; $55,000 for married filing separately; and $110,000 for married filing jointly.  The credit is refundable for certain filers. $2,000 per child with modified adjusted gross income phase outs at $200,000 for single, and heads of households, and married filing separately filers and $400,000 for married filing jointly.  Up to $1,400 is refundable for certain filers.
Medical Expense Deduction[4] Medical expenses deductible in excess of 10% of adjusted gross income. Medical expenses deductible in excess of 7.5% of adjusted gross income.
State and Local Tax Deduction Individuals may deduct state and local property, income, and/or sales tax in excess of the standard deduction. Deductions for state and local taxes will be capped at $5,000 for single filers and married filing separately and $10,000 per year for married filing jointly.  Any 2018 taxes that are pre-paid during the 2017 tax year will be credited toward the $10,000 limit beginning on January 1, 2018.
Mortgage Interest Deduction Individuals may deduct mortgage interest on purchases of up to $1,000,000 for the primary residence plus one additional home;  individuals may also deduct up to $100,000 of equity debt The mortgage interest deduction will be capped at purchases of $750,000 for mortgages taken out after December 15, 2017; deductions for equity debt will be eliminated.
Casualty Losses Individuals may deduct casualty losses (including fire, theft, and other property loss) in excess of 10% of adjusted gross income, plus $100 per casualty event. Casualty losses will be allowed as a deduction only to the extent the casualty event is attributable to a federally-declared disaster.
Miscellaneous Itemized Deductions Certain miscellaneous deductions (including unreimbursed business expenses, tax preparation fees, and other expenses) are permitted in excess of 2% of adjusted gross income. Eliminated
Moving Expense Deduction Taxpayers may deduct moving expenses when moving due to new employment that is located at least 50 miles further than the taxpayer's previous place of employment from the taxpayer's residence. Eliminated
Alimony Deduction Alimony payments are deductible by the payor as an above-the-line deduction. Eliminated for divorce instruments executed on or after January 1, 2019 or modified after such date if the modification expressly states that this rule applies.
Alternative Minimum Tax (AMT) – Exemptions[5] Single filers – $54,300
Married filing jointly – $84,500
Married filing separately – $42,250
Heads of Households – $54,300
Single filers – $70,300
Married filing jointly – $109,400
Married filing separately – $54,700
Heads of Households – $70,300
Alternative Minimum Tax (AMT) – Phase-Outs[6] Single filers – $120,700
Married filing jointly – $160,900
Married filing separately – $80,450
Heads of Households – $120,700
Single filers – $500,000
Married filing jointly – $1,000,000
Married filing separately – $500,000
Heads of Households – $500,000
Individual Mandate under the ACA Taxpayers who do not have required minimum health coverage are required to pay a penalty or claim a waiver or exemption. Eliminated

[1] Note – Rates are current as of January 1, 2018.  All rates will be adjusted for inflation for tax years beginning January 1, 2019.

[2] Note – Rates are current as of January 1, 2018.  All rates will be adjusted for inflation for tax years beginning January 1, 2019.

[3] Note – Rates are current as of January 1, 2018.  The refundable portion of the Child Tax Credit will be adjusted for inflation for tax years beginning January 1, 2019.

[4] Note – Medical expense deduction rules are retroactive to tax years beginning January 1, 2017.

[5] Note – Exemptions listed under current law are 2017 rates; 2018 rates will continue to be adjusted for inflation.

[6] Note – Phase-outs listed under current law are 2017 rates; 2018 rates will continue to be adjusted for inflation.

ESTATE & GIFT
Topic Current Law Final Bill
Estate Tax $5.49 million per person lifetime gift/estate tax exemption.

Rate on contributions over exemption: 40%

Exemption Amount Doubled.
Gift Tax $5.49 million per person lifetime gift/estate tax exemption.

Rate on contributions over exemption: 40%

Exemption Amount Doubled.
Generation Skipping Tax $5.49 million per person GST tax exemption.

Rate on contributions over exemption: 40%

Exemption Amount Doubled.
CORPORATE
Topic Current Law Final Bill
Corporate Tax Rates C Corporations pay tax at graduated rates with a maximum rate of 35% of taxable income. Under the TCJA, C corporations would pay a maximum rate of 21% on their taxable income.  There would be no graduated rates.
Alternative Minimum Tax ("AMT") The purpose of the AMT is to make sure that corporations pay a minimum amount of taxes. For taxable years beginning after December 31, 2017, the corporate AMT will be repealed.
Dividends Received Deduction
The dividends received deduction allows corporations to deduct a portion of the dividends such corporation receives from other corporations in which it has an ownership stake.
The amount of the deduction depends on the receiving corporation's ownership in the payor corporation.  If the two corporations are in the same affiliated group, the deduction is 100%.  If the receiving corporation owns more than 20% of the payor corporation then the deduction is 80%.  If the receiving corporation owns less than 20% of the payor corporation then the deduction is 70%.
The TCJA would lower the 80% deduction to 65% and the 70% deduction to 50%.
Section 179 Expensing A taxpayer may elect under Section 179 to deduct up to $500,000 of the cost of qualifying property placed in service in the taxable year. This $500,000 is reduced by the amount by which the cost of qualifying property placed in service during the taxable year exceeds $2 million.  Qualifying property is generally depreciable tangible personal property that is purchased for use in active conduct of a trade or business. The TCJA would increase the amount that a taxpayer may expense under Section 179 to $1 million and the phrase out threshold to $2.5 million.  These amounts would be indexed for inflation for tax years beginning after 2018.
Increased Expensing In 2017, taxpayers are allowed to claim first year onus deprecation equal to 50% of the adjusted basis of property acquired and placed in service in 2017. The TCJA increases the first year depreciation deduction to 100% for property placed in service in 2018 through 2022 (with lower percentages in years 2023-2027).
Research and Experimentation Tax Credit The research and experimentation (R&D) tax credit is a business credit allowed to companies who incur research and development costs The TCJA preserves the R&D tax credit however amounts paid or incurred in tax years beginning after December 31, 2021 will have to be deducted over time as opposed to being expensed immediately.
Limitation on Interest Expense Deduction Corporations can generally deduct interest paid or accrued. The TCJA would as a general rule limit the amount of interest that can be deducted to 30% of adjusted taxable income with any excess being carried forward indefinitely.  Taxpayers with average annual gross receipts for the three taxable year periods ending with the prior taxable year that do not exceed $25 million are exempt from the limitations.
Modification of Net Operating Loss Deduction Under current law, a taxpayer may carry back net operating losses ("NOLs") for two years and carry them forward 20 years. The TCJA would limit the NOL deduction to 80% of taxable income for taxable years beginning after December 31, 2017.  It also repeals the two-year carryback in certain situations.
Like Kind Exchanges A like kind exchange allows a taxpayer to exchange property for new property without incurring immediate tax liability.  Under current law, like-kind exchange treatment can apply to both personal and real property that is "held for the productive use in a trade or business or for investment." The TCJA limits like kind exchanges to those exchanges involving real property that is not held primarily for sale.
PASS-THROUGH ENTITIES
Topic Current Law Final Bill
Deduction for Qualified Business Income
Pass-through entities such as partnerships, limited liability companies and subchapter S corporations file an annual information return, but they do not pay federal income tax.  Rather, these entities generally "pass-through" any income, gains, losses, deductions, and credits to the constituent owners who report their share of these items on their returns. Taxes are then payable at the constituent owner's tax rate.
For taxpayers other than subchapter C corporations, the final bill generally allows for a deduction of up to 20% of qualified business income generated by pass-through trades or businesses.  The deduction is applied at the partner or shareholder level in the case of entities taxed as partnerships and subchapter S corporations, respectively.

The availability of the deduction is limited for owners of "specified service trades or businesses," which would generally be characterized as professional service firms such as law firms, accounting firms and consulting firms.   In such instances, the full deduction is only available to a partner or shareholder if such taxpayer's taxable income (computed without regard to the deduction) is less than $315,000 for joint filers or $157,500 for single filers (hereinafter referred to as the  "Threshold Amount"). Engineering and architecture firms are expressly excluded from the definition of a "specified service trade or business," and, therefore, the income generated from such firms that flow through to the owners thereof would not be subject to this deduction limitation.

Reasonable compensation and guaranteed payments are excluded from qualified business income.

For taxpayers with taxable income that exceeds the Threshold Amount, the deduction becomes limited to the lesser of (a) 20% of qualified business income, or (b) the greater of (i) 50% of "W-2 wages" with respect to a qualified trade or business or (ii) the sum of 25% of the "W-2 wages," plus 2.5% of the taxpayer's allocable share of the unadjusted basis of certain depreciable property acquired used in the business. "W-2 wages" are wages subject to federal withholding, elective deferrals and certain deferred compensation. In general, self-employment income would not be considered to be "W-2 wages."  Therefore, if "W-2 wages" are zero, then the deduction would be zero for taxpayers earning more than the Threshold Amount or limited to 2.5% of their allocable share of the basis of certain depreciable property.

However, for taxpayers in a specified service trade or business (professional firm), the deduction begins being phased out completely at the first dollar above the Threshold Amount and is completely eliminated once taxable income equals the Threshold Amount, plus $50,000 ($100,000 in the case of joint filers).

The deduction is available for publicly traded partnerships, including master limited partnerships.

Carried Interest In general, a carried interest (also known as a profits interest) issued to a taxpayer in exchange for services is not treated as a taxable event if certain conditions are met.  The IRS has provided guidance indicating that this treatment does not apply, however, if (a) the profits interest relates to a substantially and predictable stream of income from partnership assets; (b) within 2 years of receipt, the partner disposes of the profits interest; or (c) the profits interest is a limited partnership interest in a publicly traded partnership.  Further, upon the transfer of a profits interest, the transferor is generally entitled to long-term capital gains treatment if such interest is held for at least one year. The final bill provides for a three-year holding period in order to receive long-term capital gains treatment.  The three year holding period would apply notwithstanding the rules of Section 83 or an election in
effect under Section 83(b).
TAX-EXEMPT ORGANIZATIONS
Topic Current Law Final Bill
Deductions for Charitable Contributions Individual taxpayers may deduct up to 50% of the taxpayer's contribution base for donations made to public charities. Individual taxpayers may deduct up to 60% of taxpayer's contribution base for cash contributions made to public charities.
Deductions for Amounts Paid for College Athletic Seating Rights Individuals may deduct up to 80% of amounts paid for the right to purchase tickets for seating at a college athletic event Eliminated
Executive Compensation Excise Tax [1] N/A Tax-exempt entity shall pay a 20% excise tax on compensation over $1,000,000 paid to its top 5 most highly compensated employees, including those employed by related organizations; this excise tax also applies to parachute payments.
Excise Tax on Investment Income of Private Colleges & Universities N/A A 1.4% tax is imposed on net investment income for certain institutions.
Unrelated Business Income Tax Many entities with more than one unrelated trade or business aggregate the lines of business to take advantage of net operating losses across multiple lines of business. For entities with for more than one unrelated trade or business, unrelated business taxable income, including for purposes of determining any net operating loss deductions, shall be computed separately with respect to each such trade or business; unrelated business taxable income is increased by the amount of certain fringe benefit expenses for which a deduction is disallowed
[1] Note – Compensation paid to licensed medical professionals, including veterinarians, is excluded from this rule.
TAX-ADVANTAGED ACCOUNTS AND EMPLOYEE BENEFITS
Topic Current Law Final Bill
529 Accounts[1] Funds contributed to 529 accounts may grow tax-free for beneficiaries if used for qualified tuition and other higher education expenses. Up to $10,000 per year may also be used for students in grades K-12 for tuition expenses, books, curriculum, online educational materials, tutoring, dual enrollment at institutions of higher education, and educational therapies for students with disabilities. Qualified expenses apply to public, private, or religious schools.
Roth IRA Recharacterization Individuals are permitted to recharacterize Roth IRA contributions as traditional IRA contributions after a traditional to Roth conversion, within certain limits Eliminated
Entertainment Deductions Up to 50% of entertainment expenses may be deductible. Eliminated
Qualified Transportation Fringe Employers may deduct certain qualified transportation fringe benefits provided to employees. Eliminated
Qualified Moving Expense Reimbursement Employee moving expense reimbursements are deductible by the employer. Eliminated, except for members of the armed forces on active duty who move pursuant to military orders.
Meals Provided At Convenience of Employer Employers may deduct meals provided to employees at the employer's place of business and for the employer's convenience. Eliminated but does not go into effect until January 1, 2026.

[1] Note – Contributions to 529 plans are not deductible for federal income tax purposes.  However, the following states permit deductions on state income taxes for 529 contributions (subject to certain limitations and rules in each state): Alabama, Arizona, Arkansas, Colorado, Connecticut, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Montana, Nebraska, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Utah, Vermont, Virginia, Washington, D.C., West Virginia, Wisconsin

INTERNATIONAL
Establishment of "Participation Exemption System" for Taxation of Foreign Income
Topic     Current Law Final Bill
100% Dividends Received Deduction for 10% U.S.-Owned Foreign Corporations
–
Provides a new 100% deduction for the foreign-source portion of dividends received from certain 10% owned foreign corporations by U.S. corporations.
Special Rules Relating to Sales or Transfers of 10% U.S.-Owned Foreign Stock Amount realized by U.S. shareholder on sale foreign subsidiary stock is treated as dividend income to the extent of foreign earnings and profits; remainder of amount realized is normally capital gain. For purposes of determining the amount of a loss on the sale of certain foreign stock by a U.S. shareholder, such shareholder's basis in the foreign corporation stock is reduced by an amount equal to the portion of any dividend received with respect to the foreign stock that was not taxed in the U.S. as a result of the new 100% dividends received deduction described above.
Deemed Repatriation of Previously Deferred Foreign Income Foreign income generally not taxed until repatriated to the U.S., unless the anti-deferral rules of subpart F apply. – Modifies subpart F to provide for the inclusion of pre-effective date foreign earnings.
– A U.S. shareholder may deduct 71.4% of the foreign earnings and profits attributable to cash and 85.7% of the remainder of the foreign earnings and profits.
– The U.S. tax on the deemed repatriation may be paid in installments over eight (8) years.
Rules Related to Passive and Mobile Income
Deduction for Foreign-Derived Intangible Income ("FDII") and Global Intangible Low-Taxed Income ("GILTI")
 –
– For a U.S. corporation, creates a new deduction equal to sum of 37.5% of its FDII plus 50% of its GILTI
– This new deduction reduces the effective U.S. tax rate on FDII to 13.125% and on GILTI to 10.5% for taxable years beginning after December 31, 2017 and before January 1, 2026.
Foreign Tax Credit
Repeal Section 902 Indirect Foreign Tax Credit
 –
In connection with the establishment of "participation exemption system", the Section 902 deemed-paid credit with respect to dividends received by a U.S. corporation that owns 10% or more of the voting stock of a foreign corporation is repealed.
Source of Income from Sales of Inventory Income from the sale of property is generally sourced to the place of sale, which is determined by where title to the property passes. Gains, profits, and income from the sale or exchange of inventory produced partly in, and partly outside, the U.S. is allocated and apportioned on the basis of the location of production with respect to the property, even if title passage occurred elsewhere.
Separate Foreign Tax Credit Limitation Basket for Foreign Branch Income  – – Foreign branch income is the business profits of a U.S. person that are attributable to one or more qualified business units.
– Foreign branch income to be allocated to a specific foreign tax credit basket.
Modification of Subpart F Provisions
Changes to Implement "Participation Exemption System"
–
– Repeal current taxation of previously excluded subpart F income from qualified investments.
– Repeal foreign base company oil related income as subpart F income.
– Amend the ownership attribution rules so that certain stock of a foreign corporation owned by a foreign person is attributed to a related U.S. person for purposes of determining whether the related U.S. person is a U.S. shareholder of the foreign corporation and, therefore, whether the foreign corporation is a "controlled foreign corporation".
– Expand the definition of U.S. shareholder to include any U.S. person who owns 10% or more of the total value of shares of all classes of stock of a foreign corporation.
– Eliminate the requirement that a corporation must be controlled for an uninterrupted 30-day period before subpart F inclusions apply.
– U.S. shareholder of any "controlled foreign corporation" must include in gross income for a taxable year its GILTI.
Prevention of Base Erosion
Base Erosion Minimum Tax  – – An applicable taxpayer is required to pay a tax equal to the base erosion minimum tax amount for the taxable year.
– The base erosion minimum tax amount is the excess of 10% of the modified taxable income of the taxpayer for the taxable year over an amount equal to the regular tax liability of the taxpayer reduced by the excess of an amount equal to the credits allowed under Chapter 1 over the general business credits for the taxable year allocable to the research credit, plus the portion of the applicable general business credits not in excess of 80% of the lesser of the amount of such credits or the base erosion minimum tax amount.
Limitations on Income Shifting Through Intangible Property Transfer
–
– Addresses recurring definitional and methodological issues that have arisen in controversies in transfers of intangible property for purposes of Section 367(d) and 482.
– Revises the definition of "intangible property" to include workforce in place, goodwill (both foreign and domestic), and going concern value.
– Clarifies the authority of the Treasury Secretary to specify the method to be used to determine the value of intangible property, both with respect to the outbound restructurings of U.S. operations and to intercompany price allocations.
Deduction Denied for "Disqualified Related Party Amount" Paid or Accrued to a Hybrid  – A "disqualified related party amount" is any interest or royalty paid or accrued to a related party to the extent that: (1) there is no corresponding inclusion to the related party under the tax law of the country of the related party, or (2) such related party is allowed a deduction with respect to such amount under the tax law of such country.
TAX-EXEMPT BONDS & TAX CREDITS
Topic Current Law Final Bill
Private Activity Bonds (PABs) Tax-exempt PABs can be issued to finance a number of private and public/private endeavors, including multifamily housing projects, single family housing loan programs, airports, water and sewer facilities, solid waste facilities, toll roads, certain manufacturing facilities and non-profit projects, including healthcare facilities, educational facilities and senior living facilities. The House bill eliminated PABs, but the TCJA conference report retains current law.
Advance Refunding of Governmental Bonds and 501(c)(3) Bonds Governmental bonds and 501(c)(3) bonds are eligible for one advance refunding, i.e., a refunding in which the refunded bond is not callable within 90 days of issuance of the refunding bond and an escrow is funded to pay debt service on the refunded bond until the call date. TCJA eliminates advance refundings.
Qualified Tax Credit Bonds Holders of qualified tax credit bonds receive a tax credit instead of interest. Tax credit bonds can be issued to finance renewable and clean energy projects (clean renewable energy bonds and qualified energy conservation bonds and educational facilities (qualified zone academy bonds and qualified school construction bonds). TCJA eliminates qualified tax credit bonds.
Historic Rehabilitation Tax Credit 20% credit for qualified rehabilitation expenditures with respect to certified historic structures and 10% credit for qualified rehabilitation expenditures for buildings built before 1936. TCJA retains the 20% credit, but provides for the credit to be taken over 5 years rather than when the project is placed in service, which is current law. TCJA eliminates the 10% credit.
New Markets Tax Credit (NMTC) 39% credit for qualified investments in low-income communities. $3.5 billion of NMTC allocation for each of 2018 and 2019. The House bill eliminated NMTCs, but the TCJA conference report retains current law.
Renewable Energy Production Tax Credit (PTC) Tax credit for the projection of electricity from renewable energy sources, such as wind, biomass and hydropower. Taxpayers may elect to take the 30% ITC discussed below in lieu of the PTC. The House bill eliminated the inflation adjustment for the credit, but the TCJA conference report retains current law.
Renewable Energy Investment Tax Credit (ITC) 10% credit for certain renewable energy property, but such percentage is adjusted to 30% for solar energy property prior to 2020, with a phase down of the percentage thereafter. The House bill eliminated the permanent 10% credit, but the TCJA conference report retains current law.

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    In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

    Cookies

    A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

    Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

    Log Files

    We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

    Links

    This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

    Surveys & Contests

    From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

    Mail-A-Friend

    If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

    Emails

    From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

    *** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .

    Security

    This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

    Correcting/Updating Personal Information

    If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

    Notification of Changes

    If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

    How to contact Mondaq

    You can contact us with comments or queries at enquiries@mondaq.com.

    If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.

    By clicking Register you state you have read and agree to our Terms and Conditions