Top 8 things small and midsize businesses need to know about tax reform
Tax reform takes shape
While some details of tax reform passed last year are still becoming clear, it is known that the changes present both serious implications and potential opportunities for small and midsize businesses. Business leaders should develop a basic understanding of how tax reform could impact their businesses as well as their individual returns. Take the time to understand how you can best work with your tax professional to take advantage of some changes or mitigate risk.
Make adjustments now for next year
Planning for next year needs to happen far in advance to both capitalize on changes that have a positive impact, such as new rules about bonus depreciation, and adjust for potential negative consequences. To gain clarity, we invited experts from the Vistage community to identify and answer the top eight tax questions they hear from CEOs regarding the new tax code.
While every CEO should consult with a tax expert to review their own company’s circumstances, this research note serves as a starting point for that exploration.