TAX UPDATES 2018-07-20T02:02:58+00:00

TAX UPDATES

TO KEEP YOU INFORMED

I often get asked the question “If I roll over my investment, I don’t have to pay tax.  Right?”, and up until now, I’ve had to answer “It just doesn’t work that way”.  It’s never the answer that my clients want to hear.  Now, however, I can say “Well have you heard about the new Opportunity Zone Funds?”.  You can imagine that being able to defer or even permanently exclude some gains from tax is something that many entrepreneurs are really interested in.  So how can you take advantage of this new opportunity?

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Tax Reform, otherwise known as the Tax Cuts and Jobs Act (TCJA) has made significant changes to the way we will all file business tax returns this year.  The changes are extensive, and many of the changes require additional guidance from the IRS before we fully understand how they are to be applied in complex situations.  For that very reason, we recommend that you take action now to understand your specific situation and how you will be impacted by the changes.  Additional discussions on the changes and even updated tax projections are likely necessary to ensure that you make the correct moves this year.

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Tax Reform, otherwise known as the Tax Cuts and Jobs Act (TCJA) has made significant changes to the way we will all file our tax returns this year. Some of the changes will be advantageous and some will not. The changes are extensive, and many of the changes require additional guidance from the IRS before we fully understand how they are to be applied in complex situations. For that very reason, we recommend that you take action now to understand your specific situation and how you will be impacted by the changes. Additional discussions on the changes and even updated tax projections are likely necessary to ensure that you make the correct moves this year.

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