BSSS: Tax Cuts and Jobs Act – How Does It Affect Your Business & You?

Description

Presented by Kemper CPA Group LLP

We will be discussing the new tax law changes for Corporations and the new 20% qualified business income (QBI) deduction from pass thru entities – S Corporations, Partnerships, Sole Proprietorships, Real Estate Investment Trusts (REIT) Dividends, Qualified Cooperative Dividends and Qualified Publicly Traded Partnership (PTP) income.

The new tax law changes in business entertainment expenses, bonus depreciation and Section 179 expensing, auto depreciation limits, like-kind exchanges, net operating losses, corporate alternative minimum tax (AMT) and eligibility for more favorable accounting methods (changing to cash basis from accrual basis).

How the tax cuts have affected individual filers – new income tax brackets, long term capital gains and qualified dividend rates, changes in the standard deductions and exemptions, child tax credit, state and local taxes deduction, mortgage and home equity interest deductions, charitable contributions and miscellaneous itemized deductions. Also discussed, will be the changes to the shared responsibility payment, 529 plans, net operating losses, alternative minimum tax (AMT) and kiddie tax.

We will present some tax planning tips and possible entity changes that business and individuals may want to consider in light of the new tax law changes.

The cost to attend this seminar is $19 for Chamber members and $39 for non-members.

To register, please email Caryn Isenhower or call 217.359.1791. Registration deadline is 5pm on Monday, October 22, 2018.