Brian D. Kitchen, Director, Tax Strategies, was recently interviewed for an article in Better MRO, a website for owners of manufacturing companies. The article discusses the impact of the recent tax reform legislation on the manufacturing industry. It touches on direct savings from tax cuts as well as investment incentives through changes in expensing, depreciation, and accounting.
It also addresses the corporate tax rate change for S corporations, the most common structure for small and midsized manufacturers. At first glance, the tax cut for C corporations appears to be more significant, leading many S corporation owners to contemplate a switch. But Brian Kitchen notes that it’s not so straightforward. “It’s really important for people to understand not only the immediate potential tax savings, but also the long-term consequences,” he said.
Want to learn more about the tax reform legislation and how it will potentially impact you and your business? Check out our Tax Reform Resource Center.