The passage of the Tax Cuts and Jobs Act (TCJA) impacted individuals and businesses alike.
The TCJA created new tax rate brackets, eliminated personal exemptions for individuals, lowered the tax rate for corporations and revised the types of allowable deductions, credits and exclusions. It also changed the individual alternative minimum tax (AMT) exemption and phaseouts, repealed the corporate AMT, modified compensation and benefits and added new international provisions for businesses.
With the year ending, many small business owners might have questions on what their 2018 tax filing will entail.
On January 17, from 11 a.m. to noon Jim Denton will present “Tax Changes for Small Businesses and Their Owners,” an informational session offered through the Meridian Technology Center for Business Development.
During the session, Denton will review the TCJA and answer questions to help business owners better understand their financial obligations and changes they can expect with the new regulations.
Jim Denton is a CPA and managing partner with Arledge & Associates in Edmond. He serves as a special review committee member for the Government Finance Officers Association’s Certificate of Achievement for Excellence in Financial Reporting Program. He is a member of the American Institute of Certified Public Accountants and the Oklahoma Society of CPAs. Denton has served as the chairman of the Oklahoma Society of CPAs Governmental Accounting and Auditing Committee and as an instructor at the Annual Governmental Accounting and Auditing Update Conference sponsored by the Oklahoma Society of CPAs. He also serves as an investigator for the Oklahoma Accountancy Board and authors a monthly column in The Business Times of Edmond that addresses tax, accounting and management topics.
To attend the January 17 Tax Changes for Small Businesses and Their Owners information session, please contact Diane Maddox at firstname.lastname@example.org or call (405) 377-2220 or toll-free at (888) 607-2509. The event is free, but an RSVP is strongly encouraged.