ECA News

ARTICLE

Date ArticleType
1/24/2018 General News
What Contractors Need to Know About The New Tax Reform

Wondering how the new tax reform might impact your business?

ECA member firm, Teal, Becker and Chiaramonte, CPAs, P.C. (TBC) has taken a look at the Tax Cut and Jobs Act (TCJA) to see what some of those impacts might be.

On the positive side:

• Expanded Use of Cash Basis Accounting Method
• Favorable Depreciation Rules - Bonus depreciation, Section 179 and Vehicles
• New Deduction on Pass-through income
• C-Corporation Tax Rates and Corporate AMT
• Personal Income Tax Rates Potential negative items:
• Domestic Production Activities Deductions
• Like Kind-Exchanges on Non-Real Estate Properties
• Reduced or Eliminated Travel and Entertainment Deductions
• Eliminated Unreimbursed Employee Expenses - Itemized Deduction
• Limits on Interest Deductions

For more information on each of these points, click here to read TBC's summary. For additional information or for clarification on how this will affect your personal situation, make sure to contact your tax advisor.