First Look at the Tax Cuts and Jobs Act of 2017

Impact on Businesses

Sidney Kess, JD, LLM, CPA

On December 20, 2017, Congress passed a major tax package (H.R. 1) designed to cut taxes on businesses and individuals, as well as to stimulate the economy and create jobs. The tax cuts are estimated to cost nearly $1.5 trillion. Initially, the Tax Cuts and Jobs Act (TCJA) was aimed at simplification, but the changes enacted are anything but simple. The following is a look at the key provisions affecting businesses; those affecting individuals were covered in a previous CPA Journal article (“First Look at the Tax Cuts and Jobs Act of 2017: Impact on Individuals,” January 2018). All of the following provisions apply starting in 2018 unless otherwise noted. Some are permanent; others are temporary.