On the last episode of unsuitable, we learned about some of the general implications business owners are going to face as a result of the Tax Cuts and Jobs Act.

In this episode, Chris Axene, Rea principal and tax expert, returns to talk about changes that will affect the owners of C corps and flow-through entities, and whether or not business owners should reconsider their choice of entity.

Consult Your Trusted Business Partner

Throughout this tax reform mini-series, we’ve shared a lot about the importance of planning and gathering expert advice before making any major decisions, particularly if they have potential financial implications. Obviously, the Tax Cuts and Jobs Act has provided us with a lot of unknowns so, once again, we want to urge every business owner to give their CPA a call to determine their next steps.

If you are a business owner, you will be interested in these topics discussed in this other episode:

• Why you should be cautious about converting to a different choice of entity.
• Pros & cons of the C Corp tax rate being reduced to 21 percent.
• How the flow-through business income deduction will affect an individual owner’s tax return.

Stay tuned to Rea’s Tax Reform Research Center for more updates on the Tax Cuts and Jobs Act: ReaCPA.com/taxreform.

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