The federal tax reform package has many far-reaching effects for businesses. While the reforms only address federal taxes, the implications will also affect a large number of states depending on how strongly state relies on the federal law for its own tax revenue.
Many of the 2017 tax reform changes offer planning opportunities for 2018 and beyond. Consulting with your tax specialist is the best way to plan, but here are a sampling of opportunities should know about.
The largest re-write of US tax law in over 30 years is now complete. Most of these provisions are in effect starting January 2018, it is important now to understand the major changes for end-of-the-year tax planning.
Major changes to the current tax law occurred with the Tax Cuts and Jobs Act including credits and deductions for both individuals and businesses.
Meals and entertainment expenses have always been popular deductions for business owners, check out the new guidelines in the Tax Cuts and Jobs Act.
The new standard mileage rate for 2018, extended deadlines for supplying Affordable Care Act (ACA) Forms and updates to the IRS Income Tax Withholding Table
A comparison of the tax law for businesses following the passage of the Tax Cuts and Jobs Act. Highlighting the tax rates/ brackets, deductions and accounting methods.
A comparison of the tax law for individuals following the passage of the Tax Cuts and Jobs Act. Highlighting the tax rates/ brackets, deductions/exemptions, estate, gift and generation-skipping transfer (GST).
HORNE LLP discusses proposed Tax Cuts and Jobs Act, including the most relevant individual, pass-through, and corporate provisions of the legislation and how the impending changes will impact you in 2018 and beyond.