With 2018 bringing the most sweeping changes to the U.S. Tax Code in a generation, there’s still a lot of uncertainty and confusion heading into yearend and the beginning of tax season. The ink may well be dry on the Tax Cuts & Jobs Act of 2017, but that doesn’t mean that the law’s implications are all crystal clear: even the IRS is still officially interpreting portions of the TCJA so they can prepare updated forms for 2018 taxes.
In other words, if you’re uncertain how the law will affect you and your business, rest assured that you’re not alone!
So while we’re all going to be in wait-and-see mode on some details of the TCJA while the IRS continues to do their work, there’s still a lot that we do know – including some big changes for small and mid-sized businesses and business owners.
With the standard caveat that nothing here should be viewed as tax advice and that you should always consult your tax advisor for guidance on your own individual taxes, here’s a rundown of the six biggest things we’re keeping an eye on as we help our clients make the shift to tax planning and preparation under the TCJA.