Impact of the Tax Cuts and Jobs Act on Businesses

In the Tax Cuts and Jobs Act (TCJA) digest we distributed last week, we focused on the impact of the TCJA on individuals and pass-through income. In this week’s digest, we take a look at business tax changes, bonus depreciation and a new employer credit for paid family and medical leave.

Overview of the Business Tax Changes in the Tax Cuts and Jobs Act
an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years beginning in 2018. Read the full article.

Tax Cuts and Jobs Act Greatly Eases Rules for Bonus Depreciation
TCJA has effectively lowered the cost of acquiring capital assets by making substantial changes to the income tax rules for bonus depreciation and other “cost recovery.” Read the full article.

Tax Cuts and Jobs Act Business Credit Changes Include a New Employer Credit for Paid Family and Medical Leave
The TCJA makes changes to the general business credit by adding a new component credit for paid family and medical leave, and changing two current component credits, i.e., the rehabilitation credit and the orphan drug credit. Read the full article.

Hood & Strong is Here to Help
We encourage you to work with Hood & Strong’s tax professionals to understand how the Tax Cuts and Jobs Act affects you. Please contact your trusted Hood & Strong advisor, or call (415) 781-0793.



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