“The recent federal tax reform has a huge impact on local business and individuals. We all want answers and to understand the outcome such as how it is going to affect business, affect individuals and the local and state economies. The San Antonio Business Journal hosted five executives to discuss the new federal tax act. The discussion was moderated by Jimmy Holmes, Publisher and President of the San Antonio Business Journal.”Akin, Doherty, Klein & Feuge, had the honor of being 1 of 5 public accounting firms’ executives at the San Antonio Business Journal 2018 Table of Experts Series on Tax Reform, What it Means for San Antonio Businesses and Employees. Tax Partner, UTSA Alumnus and Treasurer of United Way of Comal County, Rene Garcia represented ADKF during the series. The San Antonio Business Journal’s Jimmy Holmes, Publisher and President, was the moderator and had thought provoking questions for the executives, some of which are:
“San Antonio has a lot of generous people in the community. What suggestions do you have for taxpayers who still want to donate to their favorite charities and realize a tax benefit?
Are medical expenses still deductible as an itemized deduction similar to appropriate AGI limitations, or has this be eliminated?
What was the market response to prepaid real estate taxes at the end of 2017?
Does the new provision limiting the deductibility of interest expense apply to all businesses?
Bonus depreciation is back can you elaborate on that point?
Will the pass-through provisions, 20 percent deduction for qualified business income, apply to accounting firms?”Rene and the other experts agree the law was passed so quickly, there are going to be many interpretations between now and year end 2018- and there will most certainly will be additional interpretations and clarifications to many provisions of the Tax Cuts and Jobs Act for the next several years. So it’s important for business and individuals consult with their tax professional to incorporate these changes in their financial planning goals. At ADKF we are continuously adapting and learning best practices to better serve our clients in their business and at their individual level. To read the complete discussion Click Here.