The highly anticipated Tax Cuts and Jobs Act is expected to be signed into law in early 2018. This Act when signed will be the largest tax reform since 1986 and as a result, can affect many aspects of your business. Here are some of the most prominent business and real property related provisions from the Act:
Corporate and Other Business Tax Provisions -
..Reduction of the corporate tax rate from a top graduated rate of 35% to a flat rate of 21%
..20% deduction for pass-through income including income from certain service businesses
..Additional limitation on business interest expense deduction
..Increase in Section 179 expensing and temporary 100% cost recovery of qualifying business assets
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