Tax Cuts and Jobs Act Impact and Additional Effects on the Construction Industry

The Tax Cuts and Jobs Act (TCJA) is the most sweeping reform we have seen since the Tax Reform Act of 1986. Significant changes have been made to tax rates, which in most cases has been lowered with larger income brackets in place. In addition, the construction industry has seen a change in deduction options …

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What to Expect from an Employee Benefit Plan Audit

An employee benefit plan audit is something a plan administrator should see as a tool to help protect their most valuable company asset – their employees. In 1974, the Employee Retirement Income Security Act (ERISA) was established to set minimum standards for employee benefit plans of private-sector employees. Over the years, it has been amended …

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Qualified Business Income Deduction – Section 199A

The Tax Cuts and Jobs Act (TCJA) adds a new deduction for noncorporate taxpayers for qualified business income. The deduction reduces taxable income, rather than adjusted gross income, and is available to taxpayers who qualify, even if they take the standard deduction. The deduction is 20% of the taxpayer’s qualified business income (QBI) from a partnership, …

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