The past year was an eventful one from a tax-planning perspective. A major piece of tax reform legislation, the Tax Cuts and Jobs Act, was signed into law at the end of 2017, initiating the biggest overhaul to the U.S. tax code in almost three decades. This legislation has had a major impact on tax planning for businesses and individuals. In general, many of the changes related to businesses are permanent, while the changes for individuals often only apply from 2018 to 2025.
The Supreme Court also handed down a decision in the Wayfair case, which also drastically changed the landscape in which businesses need to collect sales tax from their customers. We have identified a few areas to pay especially close attention to in the coming weeks when starting year-end tax planning for 2018 and beyond.
We have identified a few areas to pay especially close attention to in the coming weeks when starting year-end tax planning for 2018 and beyond.
Sara Northcutt, CPA
Aldrich CPAs + Advisors LLP
Sara Northcutt joined the firm in 2005 and has more than a decade of experience working on a wide range of clients, including financial lending, private equity, real estate, and other closely held businesses. Sara specializes in multi-state tax compliance. Sara received her Bachelor of Arts degree from Vanguard University of Southern California and did her... Read more Sara Northcutt, CPA
- Closely-held businesses
- Certified Public Accountant
- Strategic tax planning and compliance