The new tax law known as the Tax Cuts and Jobs Act introduced sweeping changes to the way businesses are taxed. Passed last year, it represents the biggest change to tax law in over 30 years. However, as the fourth quarter of 2018 nears, businesses are still awaiting further IRS guidance and clarification on several key provisions laid out in the tax reform plan.
The infographic below is compiled from the recently-released CBIZ 2018 Guide to the New Tax Law, which details the current status of several popular business tax credits and deductions, and how they have been modified since 2017. Note that some of these provisions will change after 2021, presenting opportunities to revisit your business tax planning strategy in the near future.
The Tax Reform Planning Supplement also includes tips for restructuring your business entity, changes to international tax provisions and other important tax issues business owners should keep in mind during the year-end tax planning season.
For additional guidance on tax reform changes for businesses in 2018 and beyond, check out the rest of our tax reform supplement or contact us at NTO@cbiz.com.