EIDE  LIKE

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

November 14, 2019
Article
Does your business purchase gift cards for your employees? If so, you need to make sure you’re not missing this important reporting step.
November 8, 2019
Article
Is your expense reimbursement policy compliant with IRS and DOL laws?
November 6, 2019
Article
Does your organization provide vehicles to its employees? If so, you need to pay attention to how this may affect your employee’s taxable income.
November 5, 2019
Article
Failing to file correct information returns or furnish the correct payee statements can result in costly penalties.
November 4, 2019
Article
It’s important to understand the difference between independent contractors and employees so you know what forms are necessary for year-end.
November 4, 2019
Article
There are several items to consider as you prepare for year-end planning. Start 2020 right with these tips.
Find A Location