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I’d Like A Clearer Picture of Tax Reform

Planning is key.

As the largest tax reform legislation in the past 30 years becomes reality, it is important to stay up to date on planning opportunities and how reform may impact you and your business.

The Tax Cuts and Jobs Act affects all taxpayers, but many aren’t aware of the extent of that impact. You likely have questions such as:

  • What’s included in tax reform?
  • How does tax reform impact me and/or my business?
  • What can I do now to save money?
  • What deductions and credits are available?
  • What am I not considering, that I should be?

The resources you put into planning now could save you time and money in the future. Planning allows you to take advantage of currently available credits and deductions, as well as model various scenarios to select the option best suited to position you and/or your business for success.

Unsure where to begin? You’re not alone.

It’s time to explore your options. Schedule a meeting with your tax advisor today!

Tax Reform: Business Impact
There are many business considerations, including, but not limited to, the corporate tax rate, pass-through QBI deduction, limitations on net interest expense, full expensing of business assets, changes to net operating loss deductions, limitation of like-kind exchanges, limitation on deductibility of FDIC premiums, corporate alternative minimum tax, rules for recognition of income, changes to business tax credit, the modified limit on excessive compensation, and the modified deduction for meals and elimination of entertainment expenses. 

Tax Reform: Individual Impact
Individuals will have changes to their ordinary income tax rates, the QBI deduction, the ACA mandate, their exemptions and deductions, individual AMT, limitation on losses, estate and generation-skipping transfer taxes, and many other items to consider.

An Informed Approach
Eide Bailly has created a variety of resources to help our clients digest tax reform. You can listen in on one of our recorded webinars:

Or view an insight:

Latest Insights

July 11, 2019
Article
A new law in Louisiana gives pass-through entities another option when filing tax returns in the state.
June 25, 2019
Article
If your international business has not been considering the effects of Global Intangible Low-Taxed Income (GILTI), it’s time to start.
June 24, 2019
Article
Do you use an Individual Taxpayer Identification Number (ITIN) to file your tax return? If so, it’s important to make sure it’s not expired.
June 17, 2019
Article
The final IRS regulations on state tax credits for charitable contributions are very similar to the proposed version, but if you’ve filed your 2018 return using different rules, consider amending.
June 13, 2019
Article
A new law effective January 1, 2020, will allow the state of Oregon to collect Corporate Activity Tax on businesses that have sufficient commercial activity and nexus in the state.
June 12, 2019
Article
The timing for extender and technical corrections legislation remains uncertain. Learn more about what’s expired and what’s ahead in our legislative outlook.
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