Our new tax system will go into effect in just 12 days. Accountants and payroll companies are bracing for confusion as they figure out new withholding rules that will impact your paychecks.
The Treasury Department and the IRS will have to quickly write new regulations to implement the new law, governing everything from the tax regime for businesses that don’t organize as corporations to the endowments of the nation’s elite universities and how multinational corporations are taxed on the profits they make abroad.
While it is expected that the vast majority of ACCA members would see a tax cut next year, those who are considering selling real estate or other types of capital assets or incorporating their businesses will have to calculate whether these actions will cost them more or less in the coming year.
To help you prepare I have created attached ACCA TAX REFORM CHART to help you better understand many of the changes that will likely impact your business. While the bill is certainly not perfect, we are pretty darned excited about the impact this bill, and the provisions we’ve been fighting for will have on the bottom line of America’s HVAC Owners, and ultimately your employees.
ACCA members can check out my ACCA TAX REFORM CHART for more details.