The tax cuts that took effect in 2018 should be providing some simplifications for small business taxpayers. Here are some of the highlights:
- Businesses can now use an inventory method that conforms more closely to their own financial accounting of inventories.
- The treatment of long term construction contracts has also been changed.
- A company may choose to no longer use the accrual method of accounting and utilize the cash method.
- There are changes to the treatment of Net Operating Losses as well.
Tax season is well underway and we look forward to exploring these and other changes made in 2018 and how they affect you. Learn more by contacting your CPA today.