At the beginning of the new year, the time is right to assess where your company is going and examine strategic initiatives. It’s also a terrific time to put a plan together to see what resources would be required to bring those initiatives to fruition. It’s also time to ask a lot of questions to determine which plans are “pie in the sky” dreams, and which plans are in realistic alignment with the company’s long-term goals.
In last month’s newsletter we presented some general facets of the Tax Cuts and Jobs Act (TCJA). In this article, we will explore some portions of the new bill in greater detail.
In general, the law cuts corporate tax rates permanently and individual tax rates temporarily. It permanently removes the individual mandate, a key provision of the Affordable Care Act, and it changes other policies in dramatic ways, such as the SALT deduction (which will be explained in more detail below).