By Keiter CPAs
Keiter team member featured in July/August 2017 issue of Construction Accounting & Taxation providing insights on what the recent tax reform may have in store for the construction industry and how to plan for these changes as they have reached the finalization stage.
Excerpt:
How will these changes impact the construction industry?
Of the areas currently known to be under consideration, those that would have a significant impact on the construction industry include:
- Potential reduction in tax rates;
- Elimination of special interest items like the Section 199 deduction;
- Immediate expensing of capital assets rather than depreciating them (House blueprint);
- Limitations on deducting interest expense (House blueprint);
- Changes to how NOLs are utilized (House blueprint); and
- One-time deemed repatriation of earnings accumulated overseas under the old system.
About the Author
Keiter CPAs
Keiter CPAs is a certified public accounting firm serving the audit, tax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial services, construction, real estate, manufacturing, retail & distribution industries and nonprofits. We also provide business valuations and forensic accounting services, family office services, and inbound international services.
More Insights from Keiter CPAsThe 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.
