Tax Reform Future Impacts

When Reform Becomes the Norm
The first tax filing season under the Tax Cuts and Jobs Act is over, but that doesn’t mean the impact of tax reform is at an end.

Our tax professionals have learned a lot from this season, and one thing is certain—planning for next year should begin now. We continue to find new benefits in the tax laws, and your business should start strategic discussions as soon as possible to be ready to take advantage of opportunities and prepare for possible changes.

The good news is, you don’t have to do this alone. Our professionals are ready to help you prepare for the future impacts of tax reform.

Tax Reform Refresher
Since passage into law, we have continually explored the business and individual impact of tax reform. Check out the insight links below to brush up on what’s happened.

  • 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
  • modified limit on excessive compensation
  • modified deduction for meals and elimination of entertainment expenses
  • ordinary income tax rates
  • QBI deduction
  • ACA mandate
  • exemptions and deductions
  • individual AMT
  • limitation on losses
  • estate and generation-skipping transfer taxes
  • other items

Get Better Outcomes
The resources you put into planning now could save you time and money in the future. Using knowledgeable professionals allows you to benefit from available credits and deductions, and position you and/or your business for success.

You’re not alone. We can help.
Unsure where to begin? Contact your Eide Bailly professional to discuss your opportunities and for assistance in turning your 2019 tax requirements from burdens to benefits.