Tax simplification beyond comprehension. The most sweeping tax legislation since the 1986 Tax Reform Act, the new law will impact every business and individual. Major changes include the taxation of fringe benefits, deductibility of meals and entertainment, individual pitfalls, the expansion of §179 and the new §199A deduction from flow through entities. The law creates a choice of entity dilemma- C or S Corporation, LLC, sole proprietorship, or partnership.
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