The Tax Cuts and Jobs Act of 2017 gave businesses a leg up by provided a 20% deduction of qualified business income; and that is just the start. For business owners categorized as passthroughs (LLC, partnership, S Corps) this is great news, as they will benefit from not only the deduction, but from a number of other provisions, including rate reductions and the AMT relief. However, it is not all positive news. Congress also cut back on certain deductions, setting limits for state and local taxes, interest on mortgage debt, and other expenses. According the Dean Zerbe, former Senior Counsel to the U.S. Senate Finance Committee, “a big revenue raiser has been overlooked — disallowing active passthrough losses in excess of $500,000 for joint filers (raises $150 billion over ten years).”
alliantgroup is offering a complimentary webinar, hosted by experts in the field, who will review qualifying industries, activities, the impact of new regulations, and how companies can maximize the value of the available incentives.