Federal tax reform through the Tax Cuts and Jobs Act included major changes for construction and construction-related companies – the biggest in more than 30 years.
To help construction company owners and executives understand and take best advantage of the new tax laws, Concannon Miller will be detailing the many changes at an upcoming Associated Builders and Contractors (ABC) seminar.
The changes include:
- A new major business deduction for owners of pass-through entities, providing a tax shelter for up to 20% of their business income.
- Increased depreciation to accelerate write-offs of business asset purchases, including building improvements, computer systems, vehicles, machinery, equipment and office furniture.
- A new significant benefit for construction companies whose average annual revenue is between $10 million and $25 million.
The seminar runs from 9 to 11 a.m. April 17 at ABC’s East Norriton’s office. It’s free for ABC members and $50 for nonmembers.
Concannon Miller’s experienced construction team of Andy Kahn, CPA, MBA, CFP, and Troy Silfies, CPA, will unpack all the new tax laws that are relevant to construction companies. More information and registration can be found here.
Learn more about the new tax changes for construction and construction-related companies in this article and read more tax and accounting advice for construction companies here.
