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Another year behind us as technology marches onward. The pace is breathtaking: remember describing to your grandparents how a fax machine works? Now, try explaining the “cloud” or “wifi” or “cryptocurrency.”

In light of the recent federal tax legislation that lowered the C corporation tax rate business owners are wondering whether a C corporation is the most tax-efficient form of entity.

Unless you have been under a rock or in a long hibernation, you are aware that significant tax reform [Tax Cuts and Jobs Act (H.R.1)] has passed. The last such reform dates back to the Reagan years in the mid-1980s.

The historic tax reform bill approved by Congress expected shortly to be signed into law by President Trump — the “Tax Cuts and Jobs Act Bill” — will affect almost all individual and corporate taxpayers beginning in 2018. Not-for-profit organizations, as well, may be affected, though the actual impact is difficult to determine at this point.