Posted by : Jordon Rosen, CPA, MST, AEP® The centerpiece of the Tax Cuts & Jobs Act (the “Act”) was the reduction in the top corporate income tax rate from 35% to 21%. This includes personal service corporations which were previously taxed at a flat rate of 35%. However, since many U.S. businesses operate as a flow-through entity (i.e., partnership or … Continued
Monthly Archives: February 2018
Posted By Dave Jennings, CPA and Valerie Middlebrooks CPA We are writing to make you aware of a significant change in Pennsylvania tax law that may impact your business. The changes made are for 2018 Form 1099s which will be filed in 2019. First, if you meet one of the parameters below, you are now required to withhold at the … Continued
The new tax law resulted in several changes to deductions individuals can take on their personal income tax returns. When planning for the 2018 tax year it is important to be aware of these changes and how they will impact each individual filing an income tax return.
The Tax Cuts and Jobs Act changed and suspended many deductions that taxpayers could take on their individual tax returns.