<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto">What a great thing to provide to Fredslist! Thanks Lisa!<br><br><div><div>Paul Napolitano</div><div>President</div><div>Two Sons Environmental, LLC</div><div>Critter Cleanup NY, LLC </div><div><br></div></div><div><br>On Dec 26, 2017, at 12:21 PM, Lisa Waterman <<a href="mailto:Lisa@garibaldicpas.com">Lisa@garibaldicpas.com</a>> wrote:<br><br></div><div>
<meta http-equiv="Content-Type" content="text/html; charset=us-ascii">
<meta name="Generator" content="Microsoft Word 15 (filtered medium)">
<style><!--
/* Font Definitions */
@font-face
{font-family:Wingdings;
panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
{font-family:"MS Mincho";
panose-1:2 2 6 9 4 2 5 8 3 4;}
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:"Monotype Corsiva";
panose-1:3 1 1 1 1 2 1 1 1 1;}
@font-face
{font-family:Cambria;
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:"Swis721 BT";
panose-1:2 11 5 4 2 2 2 2 2 4;}
@font-face
{font-family:"\@MS Mincho";
panose-1:2 2 6 9 4 2 5 8 3 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:"Calibri",sans-serif;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:#0563C1;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:#954F72;
text-decoration:underline;}
p.msonormal0, li.msonormal0, div.msonormal0
{mso-style-name:msonormal;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
font-size:12.0pt;
font-family:"Times New Roman",serif;}
span.EmailStyle18
{mso-style-type:personal-compose;
font-family:"Calibri",sans-serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;}
@page WordSection1
{size:8.5in 11.0in;
margin:2.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
@page WordSection2
{size:8.5in 11.0in;
margin:2.0in 1.0in 1.0in 1.0in;}
div.WordSection2
{page:WordSection2;}
@page WordSection3
{size:8.5in 11.0in;
margin:1.25in 1.0in 1.0in 1.0in;}
div.WordSection3
{page:WordSection3;}
@page WordSection4
{size:8.5in 11.0in;
margin:1.25in 1.0in 1.0in 1.0in;}
div.WordSection4
{page:WordSection4;}
@page WordSection5
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection5
{page:WordSection5;}
/* List Definitions */
@list l0
{mso-list-id:1449934861;
mso-list-type:hybrid;
mso-list-template-ids:41734386 67698689 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1
{mso-list-id:1626614822;
mso-list-type:hybrid;
mso-list-template-ids:-612339002 67698689 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l1:level1
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
ol
{margin-bottom:0in;}
ul
{margin-bottom:0in;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
<div class="WordSection1">
<p style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in">
<span style="font-size:11.0pt;font-family:"Swis721 BT",sans-serif;color:black">Good afternoon Gotham! I hope everyone who celebrated had a very Merry Christmas! I know you all have questions about the new Tax Cuts & Jobs Act that was recently passed. It is
the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers.<o:p></o:p></span></p>
<p style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;box-sizing: border-box;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;widows: 2;-webkit-text-stroke-width: 0px;text-decoration-style: initial;text-decoration-color: initial;word-spacing:0px">
<span style="font-size:11.0pt;font-family:"Swis721 BT",sans-serif;color:black">Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted, these changes are effective for tax years beginning
after December 31, 2017.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Swis721 BT",sans-serif;color:black">Have a wonderful New Year’s everyone!<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Swis721 BT",sans-serif;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Swis721 BT",sans-serif;color:black">Lisa<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Monotype Corsiva";color:#1F4E79">Lisa B. Waterman</span><o:p></o:p></p>
<p class="MsoNormal">Garibaldi Group<o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt">Certified Public Accountants * Financial & Management Consultants</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt">990 Stewart Avenue-Fifth Floor</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt">Garden City, NY 11530</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt">516-288-7400 x102</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt">Cell: 516-532-2299</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt"><a href="mailto:lisa@garibaldicpas.com">lisa@garibaldicpas.com</a></span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt">twitter: @ilawinc</span><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="layout-grid-mode:char"><b><span style="font-size:22.0pt;font-family:"Times New Roman",serif;color:#C00000">Highlights Of The New Tax Reform Law</span></b><b><span style="font-size:22.0pt;font-family:"Times New Roman",serif"><o:p></o:p></span></b></p>
</div>
<span style="font-size:22.0pt;font-family:"Cambria",serif;mso-fareast-language:EN-US"><br clear="all" style="page-break-before:auto">
</span>
<div class="WordSection2">
<p class="MsoNormal" style="margin-bottom:10.0pt;text-align:justify"><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-bottom:10.0pt;text-align:justify"><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31
years, and it has both good and bad news for taxpayers. <o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:10.0pt;text-align:justify"><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Below are highlights of some of the most significant changes affecting individual and business taxpayers. Except where noted,
these changes are effective for tax years beginning <i>after</i> December 31, 2017.<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:10.0pt"><b><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif"><o:p> </o:p></span></b></p>
</div>
<b><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif;mso-fareast-language:EN-US"><br clear="all" style="page-break-before:auto">
</span></b>
<div class="WordSection3">
<p class="MsoNormal" style="margin-bottom:10.0pt"><b><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif;color:#C00000">Individuals<o:p></o:p></span></b></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Drops of individual income tax rates ranging from 0 to 4 percentage points (depending on the bracket) to 10%, 12%, 22%, 24%, 32%, 35% and 37% — through 2025<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Near doubling of the standard deduction to $24,000 (married couples filing jointly), $18,000 (heads of households), and $12,000 (singles and married couples filing
separately) — through 2025<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Elimination of personal exemptions — through 2025<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Doubling of the child tax credit to $2,000 and other modifications intended to help more taxpayers benefit from the credit — through 2025<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Elimination of the individual mandate under the Affordable Care Act requiring taxpayers not covered by a qualifying health plan to pay a penalty
<i>— effective for months beginning after December 31, 2018</i> <o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Reduction of the adjusted gross income (AGI) threshold for the medical expense deduction to 7.5% for regular and AMT purposes —
<i>for 2017 and 2018</i><o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">New $10,000 limit on the deduction for state and local taxes (on a combined basis for property and income taxes; $5,000 for separate filers) — through 2025<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Reduction of the mortgage debt limit for the home mortgage interest deduction to $750,000 ($375,000 for separate filers), with certain exceptions — through 2025<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Elimination of the deduction for interest on home equity debt — through 2025<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Elimination of the personal casualty and theft loss deduction (with an exception for federally declared disasters) — through 2025<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Elimination of miscellaneous itemized deductions subject to the 2% floor (such as certain investment expenses, professional fees and unreimbursed employee business
expenses) — through 2025 <o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Elimination of the AGI-based reduction of certain itemized deductions — through 2025<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Elimination of the moving expense deduction (with an exception for members of the military in certain circumstances) — through 2025<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Expansion of tax-free Section 529 plan distributions to include those used to pay qualifying elementary and secondary school expenses, up to $10,000 per student
per tax year <o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">AMT exemption, the amount of tax, increase to $109,400 for joint filers, $70,300 for singles and heads of households, and $54,700 for separate filers — through
2025. </span><span lang="EN" style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Earnings thresholds increase to $500,000 for an individual and $1 million for a couple</span><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif"><o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l0 level1 lfo1">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Doubling of the gift and estate tax exemptions, to $10 million (expected to be $11.2 million for 2018 with inflation indexing) — through 2025<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto">
<span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-bottom:10.0pt"><b><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif;color:#C00000">Businesses<o:p></o:p></span></b></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Replacement of graduated corporate tax rates ranging from 15% to 35% with a flat corporate rate of 21%<b><o:p></o:p></b></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Repeal of the 20% corporate AMT<b><o:p></o:p></b></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">New 20% qualified business income deduction for owners of flow-through entities (such as partnerships, limited liability companies and S corporations) and sole
proprietorships — through 2025<b><o:p></o:p></b></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Doubling of bonus depreciation to 100% and expansion of qualified assets to include used assets —
<i>effective for assets acquired and placed in service after September 27, 2017, and before January 1, 2023</i><b><o:p></o:p></b></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Doubling of the Section 179 expensing limit to $1 million and an increase of the expensing phaseout threshold to $2.5 million<b><o:p></o:p></b></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Other enhancements to depreciation-related deductions<b><o:p></o:p></b></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">New disallowance of deductions for net interest expense in excess of 30% of the business’s adjusted taxable income (exceptions apply)<b><o:p></o:p></b></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">New limits on net operating loss (NOL) deductions<b><o:p></o:p></b></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">Elimination of the Section 199 deduction, also commonly referred to as the domestic production activities deduction or manufacturers’ deduction —
<i>effective for tax years beginning after December 31, 2017, for noncorporate taxpayers and for tax years beginning after December 31, 2018, for C corporation taxpayers
</i><b><o:p></o:p></b></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">New rule limiting like-kind exchanges to real property that is
<i>not</i> held primarily for sale <b><o:p></o:p></b></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">New tax credit for employer-paid family and medical leave — through 2019
<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">New limitations on excessive employee compensation<o:p></o:p></span></p>
<p class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:.25in;mso-add-space:auto;text-indent:-.25in;mso-list:l1 level1 lfo2">
<!--[if !supportLists]--><span style="font-size:12.0pt;font-family:Symbol"><span style="mso-list:Ignore">·<span style="font:7.0pt "Times New Roman"">
</span></span></span><!--[endif]--><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">New limitations on deductions for employee fringe benefits, such as entertainment and, in certain circumstances, meals and transportation
<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:10.0pt"><b><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif"><o:p> </o:p></span></b></p>
</div>
<b><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif;mso-fareast-language:EN-US"><br clear="all" style="page-break-before:auto">
</span></b>
<div class="WordSection4">
<p class="MsoNormal" style="margin-bottom:10.0pt"><b><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">More to consider<o:p></o:p></span></b></p>
<p class="MsoNormal" style="margin-bottom:10.0pt"><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">This is just a brief overview of some of the most significant TCJA provisions. There are additional rules and limits that apply, and the law
includes many additional provisions. Contact your tax advisor to learn more about how these and other tax law changes will affect you in 2018 and beyond.<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:10.0pt"><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif"><o:p> </o:p></span></p>
</div>
<span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif;mso-fareast-language:EN-US"><br clear="all" style="page-break-before:always">
</span>
<div class="WordSection5">
<p class="MsoNormal" style="margin-bottom:10.0pt"><span style="font-size:12.0pt;font-family:"Swis721 BT",sans-serif">©
<i>2017<o:p></o:p></i></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<span class="END-ANTISPAM-VOTING-LINKS"></span>
</div><div><span>_______________________________________________</span><br><span>Fredslist mailing list</span><br></div></body></html>