Tax Reform: Impact on Businesses

The recently enacted tax reform legislation represents the most significant overhaul of our tax laws in over 30 years. The act contains substantial changes to the taxation of businesses, individuals, multi-national companies, tax-exempt organizations and others. For more information on how this legislation will affect your business, check out our recent article, where we break down hot topics such as the corporate tax rate, pass-through income, and how you can move forward with an informed approach.

 

North Carolina’s 25% Tax Reduction

Yesterday North Carolina’s Governor signed a massive tax reform, into law. The law, among other things lowers the personal income tax rate from 7.75% to 5.75 persent, and the corporate tax rate from 6.9% to 5%. It also completely does away with estate tax.

Supporters are praising it as a model for economic growth, while antagonists of the reform cite heavy cuts to education made in order to pay for the tax reform.

Read both sides:

http://www.atr.org/north-carolina-gov-pat-mccrory-signs-a7770

http://www.huffingtonpost.com/jonathan-weiler/north-carolina-republican_b_3640991.html