Corporate and Individual Tax Planning Under the New Tax Law (for the American Subcontractors Association)

In late 2017, Congress passed the Tax Cuts and Jobs Act, the most significant tax legislation to pass in several decades. The new law will have some significant effects on subcontracting organizations, their owners and employees over the course of the next several years including the simplification of several aspects of the tax code, rate reductions and others.

Richard Morris, CPA, MST, director of tax services at Councilor, Buchanan & Mitchell, P.C., and Tom Bailey, CPA, CVA, chair of the construction/real estate committee and a principal at the firm, are scheduled to lead a web-based presentation on this complex topic for the American Subcontractors Association. During a 90-minute webinar, they will discuss:

• Uniform capitalization rules
• Cost recovery (bonus & Section 179 depreciation)
• Limit on deductions for business interest
• Excess business losses
• Impact of the legislation on C corp., S corp. businesses and other entities
• Section 199A and small-business exceptions
• NOL changes
• SALT limitations
• Reduced number of brackets and rates for individuals
• Changes to standard deductions
• Mortgage interest

Tom Bailey CPA, CVA
Principal

Richard E. Morris CPA, MST
Executive Vice President

Morris and Bailey will also explain the impact of these changes and how they continue to affect the subcontracting industry. CBM, a mid-sized accounting and advisory firm that serves real estate and construction clients throughout the Mid-Atlantic region, hosted a series of presentations in early 2018 on the new legislation. Bailey also led the presentation for ASA of Metro Washington in January 2018.