Most businesses will receive a big tax cut starting with their 2018 tax years, thanks to the new law enacted on December 22, 2017.
Businesses Will Celebrate Tax Cuts in the New Tax Year
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Most businesses will receive a big tax cut starting with their 2018 tax years, thanks to the new law enacted on December 22, 2017.
Smith Schafer Senior Tax Manager, Dianna Streed, presented at Red Wing Area Chamber of Commerce’s Lunch & Learn Seminar on December 20, 2017.
Major tax changes are on the way for both individual and business taxpayers.
The IRS has announced the annual gift tax exclusion is increasing next year due to inflation.
IRC Section 179 permits “expensing,” or first-year tax deduction, of outlays for business equipment that otherwise would be recovered through depreciation over many years.
The IRS recently released new proposed regulations designed to significantly change the rule under which an audit of a partnership can occur.