There are many aspects of TCJA which will dramatically impact such businesses, as well as their owners. Choice of entity will be in the forefront, along with qualifying for the new Sec. 199A deduction. The ability to write-off asset acquisitions, repairs and improvements have markedly expanded. Businesses with average gross receipts < $25 million have gained major advantages with regard to method of accounting, completed contract method, and uniform capitalization. However, use of NOLs and deducting interest expense have been curtailed.
• Understand & evaluate the changes made be TCJA impacting closely-held businesses
• Implement these changes to maximize tax impact especially re: Sec. 199A and choice of entity