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Tagged: #TCJA #business

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients.
This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

Year-end planning for 2018 takes place against the backdrop of a new tax law — the Tax Cuts and Jobs Act (TCJA) — that was passed last December and that made major changes to the tax rules for individuals and businesses. For businesses, the corporate tax rate is cut to 21%, the corporate AMT is eliminated, there are new limits on business interest deductions and the deduction of pass-through business losses, significantly liberalized expensing and depreciation rules, and there is a new deduction for non-corporate taxpayers with qualified business income from pass-through entities.  Also, in the foreground is the possibility of new tax legislation being passed before or after year-end.

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Here’s an overview of some of the more important business tax changes in the Tax Cuts and Jobs Act. Unless otherwise noted, the changes are effective for tax years beginning in 2018.