WSW CPAs is not your typical accounting firm. We operate using three core values that help us stand out: we deliver; we put others first; and, we make accounting fun. Through this lens, we solve complex challenges, have the hard conversations, and make it our mission to provide peace of mind and industry-leading service. Stop by our offices in Nashville or give us a call at (615) 312-9050. If you are able to visit, we can promise you a cold drink and an honest conversation (and a quick turn on the office putting green). Either way, we’d love to hear about your dreams and partner with you to make them a reality. Thank you for your interest in WSW CPAs.
In a previous memo, I broke the bad news about the unintended consequences of the change in Code Section 274. For 2018 going forward, not only is entertainment no longer deductible (such as taking your clients to a Predators game), but the new law is currently written in such a way as to also disallow the deduction for meals with clients and prospects.
The Tax Cuts and Jobs Act of 2017 has created several changes in requirements for businesses with sales below $25M. We will highlight and discuss these changes and some options that will be available to many businesses below this threshold. We will also discuss one change that will negatively affect you if your revenues are above this $25M threshold.
By now you have all heard of this new 20% deduction for business income for non C-Corporation businesses. I refer to it this way instead of the 20% deduction for flow-thru business income because I want to make sure you all understand, this deduction is also available for those of you who are sole proprietors and individual owners of rental real estate, and not just for partnership and S-Corp income. You also receive this possible deduction if you receive income from a REIT, publicly traded partnership or qualified cooperatives.