BlumShapiro Releases Top 10 Tax Tips of GOP Tax Reform Bill
BlumShapiro, the largest regional business advisory firm based in
The tax cuts and jobs act was signed into law on
- US corporate rates were lowered to 21% from 35%
- New deduction available to "S" corporations and partnerships, but not all businesses are eligible
-
Massachusetts businesses should discuss the option of their entity choice, i.e. "S" versus "C" corporation with their tax adviser. - New standard deduction of
$24,000 for those married, filing jointly - State and local tax deduction is limited to
$10,000 - Child tax credit doubled from
$1,000 to$2,000 per qualifying child. The phase out was formerly$110,000 but has now gone up to$400,000 - New tax law has lowered tax rates at most income levels
- Top tax rate has been reduced from 39.6% to 37% on income higher than
$600,000 - The AMT is not eliminated and the threshold has gone up from
$84,000 to$110,000 - The estate tax was not eliminated; the exemption doubled to
$11.2 million ;Massachusetts still taxes estates valued at$1 million or more.
Osmolowski is a partner at BlumShapiro and he focuses on providing tax consulting and compliance services to growing dynamic companies in a broad range of sectors including technology, life sciences, real estate, manufacturing and clean energy. Alan also serves as the firm's practice leader for its technology and life sciences industry group. With more than 26 years of experience, he assists clients in identifying, evaluating and implementing tax planning strategies that result in significant tax and cash flow savings. He works with other members of the BlumShapiro team to address client tax issues and implement innovative and sustainable tax savings strategies.
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BlumShapiro is the largest regional business advisory firm based in
Contact
860-561-6851
tdevitto(at)blumshapiro(dot)com
Read the full story at http://www.prweb.com/releases/2018/02/prweb15215092.htm
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