The United States House of Representatives recently released proposed legislation entitled the “Tax Cuts and Jobs Act.” The proposal contains major changes to business income taxation, which have been summarized below. Note that this legislation is only proposed; it is not law.
Observation – The new ‘bonus’ provisions would be available for the taxpayer’s first use of property, repealing the current requirement that original use of the property begin with the taxpayer.
RDHB CPAs provides its clients with personalized tax, business planning, accounting, auditing, and wealth management services. The items discussed in this report are just a few highlights of the business changes in the new tax proposal. For more information on the new tax proposal, please contact David Feor, CPA at firstname.lastname@example.org, or a member of your RDHB team.
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