This session reviewed application of the Tax Cuts and Jobs Act to small businesses, including farming businesses. In particular, this class discussed issues impacting owners of small C corporations, S corporations, LLCs, partnerships, and sole proprietorships. Included in the discussion were:
- C corporation tax rates and blending
- IRC § 199A deduction
- What is Qualified Business Income?
- Wages/Capital Limitation
- Calculation of the Deduction
- Cooperative Provisions
- DPAD Transition
- Specified Service Trade or Business
- Entity Issues
- What Guidance is Needed?
- Depreciation and Expensing
- Personal Property “Trades”
- Net Operating Losses
- Cash Accounting Parameters
- Excess Business Losses
- Business Interest Deduction Limitation