Corporate and Individual Tax Planning Under the New Tax Law
In late 2017, Congress passed the Tax Cuts and Jobs Act, the most significant tax legislation to pass since the 1990s. The new law will have some significant effects on subcontracting organizations, their owners and employees over the course of the next several years including the simplification of several aspects of the tax code, rate reductions and others. In this webinar, Tom Bailey, CPA, CVA, chair of the construction/real estate committee and a principal at Councilor, Buchanan & Mitchell, P.C., will discuss:
- Uniform capitalization rules Cost recovery (bonus & Section 179 depreciation)
- Limit on deductions for business interest
- Excess business losses
- Impact of the legislation on C corp., S corp. businesses and other entities
- Section 199A and small-business exceptions
- NOL changes
- SALT limitations
- Reduced number of brackets and rates for individuals
- Changes to standard deductions
- Mortgage interest
Bailey will also explain the impact of these changes and how they continue to affect the subcontracting industry. CBM, a mid-sized accounting and advisory firm that serves real estate and construction clients throughout the Mid-Atlantic region, hosted a series of presentations in early 2018 on the new legislation. Bailey led the presentation for ASA of Metro Washington in January 2018.
Presenter: Thomas B. Bailey, CPA, CVA, Councilor, Buchanan & Mitchell, P.C.