This episode is part one of Rea & Associates’ two-part series on the most significant changes business owners can expect to see as a result of the recent tax reform legislation. From new corporate tax rates to the bonus depreciation and net operating loss provisions to a variety of changes poised to hit companies that do business overseas (and everything in between), the Tax Cuts and Jobs Act is full of savings opportunities for business owners.
On this episode of unsuitable on Rea Radio, principal and tax guru Christopher Axene highlights the domestic and international tax provisions. He will also be back for episode 119 to provide us with a deeper dive into what this tax reform legislation means to your choice of entity. While the Tax Cuts and Jobs Act does offer a number of potential opportunities for business owners, taking advantage of them will not necessarily be a simple task. Because there are so many pieces included in this tax reform package, the only way business owners can truly determine their best course of action is to sit down and make a plan with a tax-planning expert.
If you are a business owner, you will want to be aware of these other topics discussed in this episode:
- Significant changes to the corporate tax rate, sections 179 and 199 of the tax code, and net operating losses for businesses operating domestically.
- Why C corporations will probably benefit the most from these changes (although every business is poised to receive some benefit).
- The next step you should take to plan for these upcoming changes.
If you liked this episode of unsuitable on Rea Radio, let us know by hitting the like button or by sharing it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel. We’ve also included access to additional resources on our website at www.reacpa.com.
video
resource center
Start getting answers to some of the most common tax reform questions using Rea’s Tax Reform Research Center.
articles & insight
Tax Cuts and Jobs Act Doubles Lifetime Exemption Amount – The new law has altered the way estates and trusts are taxed. Be sure you have accurate information regarding these changes.
Resource Center | Tax Reform Guidance – Time is of the essence and we are committed to providing you with expert insight on each piece of the tax legislation. We will continually keep you updated with the latest on tax reform.
The Perfect Time To Gift A Business To The Next Generation – With the Tax Cuts and Jobs Act, there is a golden opportunity for business owners looking to gift their businesses.
Federal Tax Reform and the Possible State Tax Implications for your Business – With the new Tax Cuts and Jobs Act being signed into law, the will also be state income tax implications as well.
New Deduction Will Provide Some Relief To Flow-Through Entities – This new provision to the flow-through business income deduction can be tough to understand. Find out what these changes mean for you and your business.
official transcript
Click here to read the official transcript for episode 118, “Tax Cuts And Jobs Act: Domestic & International Tax Revisions For Business Owners”