Federal tax reform means multiple benefits to the real estate industry, although some further guidance is needed for investors to fully understand what that means. After President Donald Trump signed into law the most sweeping changes to the U.S. federal tax code since 1986 with the Tax Cuts and Jobs Act, experts pointed to the real estate sector as one of the winners with the reforms.
Most manufacturers can expect to fork over less in taxes for last year, and companies that monitor the shifting provisions could capitalize on greater investment in a few key areas. Although most of the tax cuts from the federal Tax Cuts and Jobs Act of 2017 became effective for manufacturers on Jan. 1, 2018, businesses in all industries have been left with questions and uncertainty about how the new laws need to be applied, said Joel Mitchell, a tax partner at Plante Moran PLLC in Grand Rapids.
The recent Tax Cuts and Jobs Act purported to simplify tax structures, rates and exemptions, but accountants say small businesses face plenty of nuances depending on their size, structure and profits. “One thing I have noticed, people thought they were going to be left with simpler tax laws and to some extent, some have,” said Sally Steffes, CPA and one of the partners at H&S Companies PC. “There are many variables to contend with.”
The federal tax reform Congress enacted at the end of 2017 comes with significant complexity that tax professionals say they’re still sorting through as the 2019 tax season begins. For the first time, tax advisers are beginning to prepare and file returns for clients under the 2017 Tax Cuts and Jobs Act. Given the depth of the changes and the complexity of the new federal tax code, the only certainty for the 2019 tax season is the expectation that business owners will need to spend more time with their CPAs and tax advisers as they dive into the details and work through their returns.
The Michigan Public Service Commission has started what could be a two-year process to govern how renewable energy projects are connected to the electric grid. The plan to make new interconnection rules seeks to resolve an unprecedented backlog of requests from independent power producers to build solar projects at a time when utility customers increasingly are turning to solar for self-generation.
The state chapter of a small business advocacy group is among the supporters of a bipartisan bill package introduced this month to reform the way law enforcement seizes property from people suspected of crimes.