HMWC CPAs and Business Advisors

Here’s What Tax Reform Means for Manufacturing Companies

Congress and the Trump administration gave business and individual taxpayers a holiday gift at the end of 2017 when they passed tax reform legislation.  Known as the Tax Cuts and Jobs Act of 2017, the changes made to the tax code are the most significant in over 30 years.  While one of the goals of tax reform was simplification, many would argue that it actually increased complexity and left many businesses unsure how the changes will impact them, especially those in manufacturing.

The new tax law has significantly changed much of the tax code including reduction in value or elimination of tax code including reduction in value or elimination of tax deductions and credits, enhanced depreciation rules, reduced tax rates and brackets, and even new deductions for certain business owners.

READ MORE