Tax Cuts and Jobs Act: What should businesses be considering now?

On Dec. 22, 2017, the Tax Cuts and Jobs Act, Public Law No. 115-97, was signed into law introducing tax reform for business and individual taxpayers. Most of the provisions in the act applied to tax years beginning on Jan. 1, 2018. Below is a discussion of considerations businesses should be making now as it relates to some of the act’s key business provisions. 

Evaluate your eligibility for the pass-through 20 percent qualified business income deduction. Pass-through entities should review their structure to enable them to fully use the 20 percent qualified business income deduction.…