Tax Cuts and Jobs Act Impact- Guide to Small Business

The Tax Cuts and Jobs Act is considered the most sweeping tax law change in decades, and for many individuals and businesses the massive and complex changes will have profound impacts. In particular, the multitude of provisions will vastly impact small businesses. How are you helping your small business clients prepare? The all-new CCH® AnswerConnect: Tax Cuts and Jobs Act Impact - Guide to Small Business will address concerns and provide in-depth details on the provisions, implications and benefits small businesses may witness as a result of the new Act. Lower individual tax rates, expansion of the IRS Code Sec. 179 deduction, the new 20% deduction on qualified business income (QBI) for certain pass-through entities and the reduced corporate income tax rate are just a few of the big and somewhat complex changes that will be in effect. It’s highly recommended that you prepare now to mitigate risks and ensure that your small business clients have a complete understanding of how the Tax Cuts and Jobs Act will significantly impact the way they do business. The CCH Answer Connect Guide on Small Business explains the implications of the changes made by the Tax Cuts and Jobs Act. affecting small businesses. Items in the Act that affect small businesses include, among others, the revised tax rate structure for corporations, the Section 179 deduction, bonus depreciation, luxury car deductions, and the changes made to the taxation of pass-through entities (including the new 20% of QBI deduction available to certain pass-throughs. Other changes are also discussed including the section 199 deduction, the rules for net operating losses, the deductibility of entertainment expenses, the deduction for fringe benefits, the deduction for on-site eating facitlities, the deduction for business interest expenses, and a tax credit for employer-paid wages for medical or family leave.

Robert W. Jamison, CPA, Ph.D., resides in Leesburg, Virginia. He is a Professor Emeritus of Accounting at Indiana University Purdue University Indianapolis (IUPUI). In addition to S Corporation Taxation, published annually by Wolters Kluwer, Dr. Jamison has been the author of several courses published by the AICPA, various universities’ extensions and state CPA societies. His professional experience has included employment with universities, and national and local CPA firms. His articles have appeared in the Journal of Passthrough Entities, The Tax Adviser, Journal of S Corporation Taxation, The Journal of Accountancy, Practical Tax Strategies, and various other publications. Professor Jamison has taught many professional education programs for national and local accounting firms and has developed material used in their continuing education programs. He has been a lecturer in AICPA and state CPA societies' programs and has developed and presented training material for several large accounting firms. He is also a coauthor of the 2018 Multistate Tax Guide to Pass-Through Entities, published annually by Wolters Kluwer. He is curator of Wolters Kluwer Answerconnect Topic “S Corporations” and subtopics thereunder. He is a contributing author to National Income Tax Workshop, published annually by Land Grant Universities Tax Education Foundation. He is a member of the AICPA S Corporation Technical Resource Panel and the Washington, DC based S Corporation Study Group.