This episode is part one of unsuitable’s two-part series on the most significant changes that 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.

In this episode, Rea’s principal and tax guru Chris Axene highlights the domestic and international tax provisions. In the next episode, Chris will return to provide us with a deeper dive into what this tax reform legislation means to your choice of entity.

It’s Tax Reform – Not Tax Simplification

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. You can start your planning process in Rea’s Tax Reform Research Center: ReaCPA.com/taxreform.

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