Taxation: Your Business and the Trump Administration
Tax reform was a central focus during President Trump’s campaign, and it is expected that he will make this a priority, now that he’s taken office. How could potential changes affect the taxation of business income?
A new report from Journal of Accountancy provides some insight. It is not known how and when these changes could take shape. “The path forward involves two issues: achieving a consensus on the substance of the legislation and navigating the rules of the legislative process. Neither will be simple,” the authors advise.
House Republicans have proposed changes mirroring President Trump’s tax reform initiatives. Some of the particulars vary – House Republicans’ proposal would reduce the corporate tax rate from 35 percent to 20 percent; President Trump would lower it to 15 percent. Details notwithstanding, the legislative focus on tax reform could affect business income taxation favorably.
You can read more from Journal of Accountancy. Our CPAs are happy to answer any questions you have about taxation and your business.