Cherry Bekaert: Tax, Audit and Advisory Services Let's Talk SERVICES Tax Reform What Do I Need to Know About The New Tax Reform Bill? From the release of the Unified Framework for Fixing Our Broken Tax Code to the passing of the new tax reform, the Tax Cuts & Jobs Act (“TCJA”), you may have multiple questions concerning the potential impact on your business. While navigating through the varying tax reform news and changes can be overwhelming, rest easy knowing you can contact us for better understanding of how the new tax reform bill could affect you. Here are a few ways Cherry Bekaert can guide you forward. Services Opportunity Zones Opportunity Zone Services Cherry Bekaert has an established Opportunity Zones team with expert technical knowledge of... Section 199A Qualifying for the Section 199A Deduction Any trade or business can qualify for the deduction, unless... Businesses & pass-through entity tax reform Assess the impact of the new flat corporate tax rate of 21% Assess the impact of the new 20% pass-through deduction on qualified business income Develop a strategy around available and repealed Research & Development (“R&D”) tax credits, tax reform and incentives Discuss shareholder dividends, company growth, pass-through entity tax reform and related business activity when changing or creating a new business model to lessen the tax reform impact on corporations Provide guidance on how the new net operating loss deductions, business interest payments and other new business rules from the new tax reform bill that may impact your company Discuss the effects of enhanced capital expensing standards on your company Review your company’s accounting methods to determine what changes may be needed to place your company in an optimal position Review specific assets that may be treated differently and what it may mean for your company’s portfolio Determine whether a change in entity may be needed and draft an exit strategy Tax reform impact on corporations If changes to the new tax reform bill leave you concerned for the future, our Business Entity Analysis Model (“BEAM”) can help you be proactive! Here’s how: Assess the impact. You may be concerned of the tax reform impact on corporations. The smart thing to do is assess how the current legislation may impact your specific circumstances so that you can make good business decisions and identify planning opportunities. Accelerate deductions. You may want to accelerate deductions now so that you can utilize these benefits at today’s higher rates rather than in the future when they may be lower. Timing is everything! Review accounting methods. A rate reduction could transform your accounting methods changes into permanent benefits. Talk to us today to see which opportunities may exist for you to defer income and accelerate deductions. Brochures Credits & Accounting Methods: Tax Cuts & Jobs Act – Credits, Deductions & Accounting Method Tax Services: Tax Reform for the Real Estate & Construction Industry 1 2 3 4 5 6 7 8 Let's Talk Ronald G. Wainwright, Jr. Credits & Accounting Methods Leader Email Me Related Thought Leadership NOV 01 ARTICLE Build Back Better Act Tax Proposals: Will Tax Reform Bill Be the Death... OCT 11 ALERT Build Back Better Act Tax Proposals: Considerations for Private Invest... View All Guidance Alerts Articles Brochures Case Studies Events Newsletters Podcasts Video Testimonials Webinar Recordings Industries Government Services Healthcare & Life Sciences Hospitality & Retail Not-for-Profits Industrial Manufacturing Private Equity Services Professional Services Real Estate & Construction Technology Services Assurance Tax Advisory Wealth Management Professionals Leadership About Us Why Cherry Bekaert Allinial Global Diversity & Inclusion Firm News Careers Client Support Client Support Pay Online Subscribe Atlanta | Augusta | Austin | Charlotte | Greenville | Hampton Roads | Houston | Los Angeles | Nashville | Orlando | Providence | Raleigh | Richmond | South Florida | Tampa | Washington DC © Copyright 2021 Cherry Bekaert. All Rights Reserved. Sitemap | Privacy Policy | Agreed Terms of Use | Careers | All Locations