As the extended tax filing deadlines approach, it’s a good time to get a quick refresh on the tax law changes that have gone into effect. The Tax Cuts & Jobs Act (“TCJA”) of 2017 has many changes impacting your 2018 income tax filings and your taxes in future years. Here are some of the major changes, and some on-going tax strategies, that will be most beneficial to the hospitality industry.
Net Operating Losses (NOL's)
Interest Expense Deduction (Limitation for Large Taxpayers)
Meals & Entertainment Expenses
Qualified Business Income Deduction (Section 199A)
Excess Business Losses
New Corporate Tax Rate
Corporate Alternative Minimum Tax (AMT)
For more information, please contact Tax Principal, Richard Finafrock.