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| Name | Quick Summary of TCJA Changes Affecting Business Taxpayers |
| Video Uploader | Video From Biz Block CPA |
| Upload Date | This Video Uploaded At 30-01-2020 14:56:55 |
| Video Discription | The Tax Cuts and Jobs Act (TCJA) includes many changes that will affect businesses, including some that will indirectly affect individuals and small business owners. Unless otherwise indicated, the changes covered in this analysis are permanent. Corporate Taxes The biggest single business tax change in the TCJA is the new 21% flat federal income tax rate for C corporations. Flat 21% Corporate Rate Under prior law, C corporations paid graduated federal income tax rates of 15%, 25%, 34%, and 35% on taxable income over $10 million. Personal service corporations (PSCs) paid a flat 35% rate. For tax years beginning after December 31, 2017, the TCJA establishes a flat 21% corporate rate, and that 21% rate also applies to PSCs. This is a permanent change. [IRC Sec. 11(b).] Under prior law, the corporate alternative minimum tax (AMT) was imposed at a 20% rate. However, corporations with average annual gross receipts of less than $7.5 million for the preceding three tax years were exempt. For tax years beginning after December 31, 2017, the TCJA permanently repeals the corporate AMT (IRC Sec. 55, as amended by the TCJA). 4m3gxUiuO_U |
| Category | Education |
| Tags | bizblockcpa | biz block cpa | san diego cpa | sandiego accounting | sandiego tax |
