Tax Reform: Full Expensing of Certain Business Assets

Businesses may finally be able to fully expense the cost of business property, including inventory. Under the provisions of the new tax reform bill, passed by congress today, there are three areas that expand current rules allowing for such expensing.   Small Business Accounting Method Under current law, if a business falls under the rules … Continued

YEAR-END TAX PLANNING FOR BUSINESSES

With the specter of Tax Reform looming, year end tax planning is especially important. The tax legislation that is winding its way through Congress includes significant tax relief for businesses. If Tax Reform comes to fruition resulting in lower tax rates for businesses in 2018, it might make sense to reduce taxable income this year … Continued