Seminar Series: Tax Strategies and Tactics - Maximizing Benefits of The Tax Cuts and Jobs Act for Small Businesses
Please join us on Thursday, November 15th for our next Seminar Series Event: Tax Strategies and Tactics - Maximizing Benefits of the Tax Cuts and Jobs Act (TCJA). In this seminar, our Tax Experts will discuss the effects of recent Tax Reforms and how they apply to Small Business Owners and Entrepreneurs. This seminar is designed to qualify for two hours of CPE.
This new law is one of the most substantial reforms to tax legislation in recent history and will have a significant impact on small business owners, particularly to flow-through taxation for Partnerships and S-Corporations with less than $25 Million in gross receipts.
The TCJA introduces a great deal of reform. Here is a brief look at some of the relevant topics that will be addressed at our Tax Reform seminar on November 15th:
- New 20% qualified business income deduction for owners of flow-through entities (such as partnerships, limited liability companies and S corporations) and sole proprietorships - through 2025
- New disallowance of deductions for net interest expense in excess of 30% of the business's adjusted taxable income (exceptions apply)
- New limitations on deductions for employee fringe benefits, such as entertainment and, in certain circumstances, meals and transportation
- Doubling of bonus depreciation to 100% and expansion of qualified assets to include used assets
- Doubling of the Section 179 expensing limit and an increase to the expensing phaseout threshold
- New limits on net operating loss (NOL) deductions
- Elimination of the domestic production activities deduction
- New rule limiting like-kind exchanges to real property that is not held primarily for sale
- Repeal of the corporate AMT
- For C Corporations - replacement of graduated corporate tax rates ranging from 15% to 35% with a flat corporate rate of 21%