New Tax Law Changes Impacting Businesses

Our Subject Matter Experts have prepared the following articles and information to help you understand what the new tax law changes could mean for your business and what questions and issues you may need to consider going forward.

Corporate Tax Rate Cut and Corporate Alternative Minimum Tax (AMT) Repealed

In an effort to enhance U.S. businesses' ability to compete in the global marketplace, the Tax Cuts and Jobs Act reduced the top corporate tax rate to 21%, and it eliminates the corporate Alternative Minimum Tax (AMT).

Read More
Would Change of Business Structure be Beneficial Under New Tax Law?

The Tax Cuts and Job Act's decrease in federal corporate income tax rates from 35% to 21% should encourage all businesses operated in flow-through entities to consider whether converting to a C corporation would result in an overall reduction in income taxes.

Read More
Qualified Business Income (QBI) / 20% Pass-Through Deduction

New Internal Revenue Code Section 199A, "Qualified Business Income" (QBI) was created with the passage of the new Tax Cuts and Jobs Act. The objective of this provision is to provide benefits for business income earned in certain pass-through entities. Since Section 199A became effective on January 1, 2018, it is important for all pass-through entities to determine if they will qualify for the 20% deduction as soon as possible.

Read More
Accounting and Financial Statement Impacts

The new Tax Cuts and Jobs Act can have a significant impact on the financial reporting of affected businesses. Read on for some of the most common questions we are receiving.

Read More
U.S. Tax Reform Implications for Cross Border Businesses

The new Tax Cuts and Jobs Act clearly reflects the administration’s focus on incentivizing the deployment of business capital in the U.S. to create jobs and growth, and to dissuade making such investments outside the U.S. In so doing, the law contains sweeping changes to how the U.S. will tax multinational businesses, both those based in the U.S. and well as those whose ultimate ownership is outside of the U.S.

Read More
Cost Recovery/Depreciation Changes

This section of our Tax Cuts and Jobs Act library of information outlines the numerous cost recovery and depreciation provisions of the new law, including assets eligible for 100% bonus depreciation, Section 179 expensing, qualified improvement property, and luxury automobiles and listed property.

Read More
Tax Accounting (Accounting Methods)

The new Tax Cuts and Jobs Act has created opportunity for businesses to take advantage of new accounting methods that may not have been available to them previously, or become exempt from previously required accounting methods, depending on annual gross receipts. This article discusses the circumstances and situations in which various accounting methods can and cannot be used.

Read More
Cash Method of Accounting

Important changes as to which business entity types can use the cash method of accounting.

Read More
Multi-State Implications of Federal Tax Reform

The state tax implications surrounding Federal tax reform are all about conformity. In almost every state, the computation of state taxable income starts with Federal taxable income. Businesses will be reliving tax reform over-and-over as each state legislature takes action on what aspects of the Tax Cuts and Jobs Act to conform to.

Read More
Pennsylvania Just One State to Differ with New Federal Tax Reform

As states analyze and digest the new Federal Tax Cuts and Jobs Act, they will be making decisions on whether or not they will conform their state income tax codes with key provisions of the new Federal law. There is no automatic acceptance or "tie" between state tax rates to Federal tax rates. States are currently forecasting what the new Federal Changes may mean, provision by provision, to their own state tax laws. Read more about what Pennsylvania has already decided in this regard.

Read More
Business Interest Deduction Limits

The new Tax Cuts and Jobs Act limits the deduction allowed for business interest. Other than certain electing businesses, this business interest limitation applies to all businesses except small businesses that meet the $25 million gross receipts test of new Code Section 448(c) for any tax year. We explain more in this article; however, please contact us for assistance with this, and other, complicated provisions of the new tax law.

Read More
Employee Benefit / Fringe Benefit Changes Under the New Tax Law

The Tax Cuts & Jobs Act, signed into law on December 22, 2017, will have a significant impact on taxpayers starting in 2018, both individuals and business alike.Please refer to the information below on several key provisions in the new act which directly and immediately affect employers and the fringe benefits they provide to employees.

Read More
What Tax Exempt Organizations Need to Know

While tax-exempt organizations are not subject to a "business income tax," they may be subject to other types of tax depending on the organizations' activities. The Tax Cuts and Jobs Act will have an impact on tax-exempt organizations, as outlined in this article.

Read More
Affordable Care Act Changes

Certain provisions of the Affordable Care Act (ACA) have been impacted by the enactment of the new Tax Cuts and Jobs Act.

Read More

 


Location

8321 Main Street
Williamsville, NY 14221

Ph: 716.633.1373
Fax: 716.633.1099
Info@tsacpa.com 


TSACPA