How to Navigate This Year’s Tax Return Season Changes

How to Navigate This Year’s Tax Return Season Changes

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Tax Senior Manager Kay Gotshall shared her insights on how the changes introduced by the 2017 Tax Cuts and Jobs Act will impact the 2018 tax return season in Richmond Times-Dispatch's article “Navigating this year's tax changes can be a confounding task.” This includes a look at what impact the 2017 tax reform had on both large and small business tax returns.


“Navigating this year's tax changes can be a confounding task” Excerpt:

In particular, tax returns are still complicated for small-business owners, who could get a 20 percent reduction on so-called pass-through income. That provision in the tax overhaul was designed to help small businesses that wouldn’t benefit from a reduction in the corporate income tax from 35 percent to 21 percent.

What’s been difficult is figuring out whether a particular business owner qualifies for the deduction.

“It is quite complicated,” said Kay Gotshall, a CPA with the accounting firm Keiter in Henrico. “It is not helping to encourage entrepreneurship and starting a business, because if you want to get these tax breaks, they have complicated it a little bit more.” “If you have a business, you need to hire somebody competent” to do the taxes.

The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


About the Author

Kay serves several of Keiter's larger corporate clients with their FAS 109 tax provision and returns. Currently, Kay leads the Keiter multi-state tax team, which is primarily responsible for a majority of the multi-state tax filings prepared by the firm. In addition, the Keiter multi-state tax team provides income, as well as, sales and use audit and research support services. Kay works on a wide variety of industries, since most of her clients are multi-state. Some of the specific industries she serves include services, broker-dealers, manufacturing, and construction. Furthermore she consults with a variety of clients on filing requirements for multi states and foreign company ownership and operations.

More Insights from Kay F. Gotshall, CPA

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