Tax Reform Expands Small Business Accounting Methods

Tax Reform Expands Accounting Method Options for Small Businesses Thanks to changes included in the Tax Cuts and Jobs Act (TCJA), many more businesses can now use the simpler and more-flexible cash method of accounting for federal income tax purposes. The new law also includes some other tax accounting changes that are good news for…

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Tax Reform and C-Corporations

How Tax Reform Affects Tax Planning for C Corporations One of the biggest changes under the Tax Cuts and Jobs Act (TCJA) is the permanent installation of a flat 21% federal income tax rate for C corporations for tax years beginning after 2017. The new 21% rate applies equally to personal service corporations (PSCs). (Under…

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Pass-Through Businesses Receive Tax Break

New Law Gives Eligible Pass-Through Businesses a Special Tax Break Federal income tax rates for C corporations have been reduced to a flat 21%, starting in 2018 under the Tax Cuts and Jobs Act (TCJA). But what about pass-through businesses? Congress devised a special tax break for pass-through businesses to help achieve parity between the…

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