The Tax Reform Bill has Finally Passed: Now What??

The much anticipated, long awaited tax reform bill has finally passed. Congress has reduced the corporate tax rate from 35% to 21% and, as most already know, the government is reporting that 90% of wage earners will see higher take home pay.

During this presentation, we will walk through the changes and outline the framework of the new tax bill for both individual and corporate taxpayers. While income tax rates have decreased, we’ll explain the effect of an expanded tax base, which will bring on a whole new set of considerations.

We’ll discuss where tax reform has landed, provide key points for individuals and businesses to consider and what you should be thinking about from a tax planning perspective in the coming months. We’ll not only walk you through what’s changed, but also take a practical look at what we’re experiencing and different ways you can maneuver your tax rate or base for optimal results.

Part I: Impact on Individuals and Pass-through Entities (1:00pm -2:00pm)

Speakers: Rob Schwarzmann, CPA & Christopher Belknap, CPA

During this part of the presentation we will focus on how the new tax bill will impact individuals and pass-through entities including S Corporations, Partnerships and LLC’s. We’ll walk through the new individual tax rates and changes in itemized deductions, exclusions and credits including:

  • Limitations on State and Local Tax;
  • Mortgage Interest;
  • Miscellaneous Itemized Deductions;
  • Alimony Deduction;
  • Child Tax Credit; and
  • Repeal of the Individual Mandate.

We’ll also explain the new Deduction for Pass-Through Income and discuss benefits and detriments of being organized as S corporation versus C corporation.

Part II: Impact on Corporations and Financial Institutions (2:00pm-3:30pm)

Speakers: Patrick Tuley, CPA & Nadine Adams, CPA

For the second part of the presentation, we will focus on how the new tax bill will impact corporations and better explain the structure of the bill which is not only the combination of a tax rate cut, but also a number of tax base expansion provisions. We’ll help you understand the basics, but also take a look at:

  • Net Operating Losses;
  • Executive Compensation;
  • Business Credits and Carryforwards;
  • Alternative Minimum Tax (AMT) Repeal;
  • Cost Recovery Provisions;
  • Interest Expense Disallowance; and
  • Other Provisions Expanding the Federal Income Tax Base.

If you’re a financial institution, we’ll also save some time at the end of the presentation to further discuss how the new bill will uniquely impact you, including:

  • NOL carrybacks eliminated for losses after 12/31/17,
  • Regulatory capital implications,
  • Other comprehensive income adjustments, and
  • Indefinite NOL Carryforward periods.

So, whether you are an individual, pass-through entity or corporation, follow the link to listen to our webinar.

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