Tag Archives: Tax Reform

The Impact of Tax Reform on Agriculture and Farming

The Tax Cuts and Jobs Act (TCJA), passed by Congress in December of 2017, represents the largest change to our tax code in 30 years and touches just about every taxpayer in every industry. Here is a look at some provisions of the Tax Cuts and Jobs Act that will impact agriculture and farming. Expanded […]

Changes to Accounting Methods under Tax Reform

The Tax Cuts and Jobs Act (TCJA) includes a number of crucial changes to accounting methods for federal income tax purposes. In general, the new law increases gross receipt thresholds and indexes them for inflation. Taxpayers are required to use the accrual basis accounting, account for inventories, capitalize certain overhead costs as inventory or use […]

Changes to Depreciation Under Tax Reform

Calculator - Taxes

The Tax Cuts and Jobs Act (TCJA), signed into law in the final days of 2017, contains many changes that impact depreciation rules. While these changes are largely positive, there are some potential pitfalls taxpayers should be aware of. First-year bonus depreciation The TCJA increases the bonus depreciation percentage from 50% to 100% for qualified […]

Changes to the Meals and Entertainment Expenses Deduction

The new Tax Cuts and Jobs Act (TCJA) made some significant changes to a popular perk for business owners: the deduction for meals and entertainment expenses. Meals and Entertainment Expenses Deduction Prior to TCJA Prior to the TCJA, the Tax Code generally allowed businesses to deduct 50% of meals and entertainment expenses, with a few […]