Business-directed tax changes bring both benefits, some questions

We note on our website at the Southern California business law firm of Larson & Gaston the complex, multiple and interwoven challenges that company principals face as they go about their daily planning.

Issues range widely from contract drafting/compliance and asset purchases to the exploration of transactional opportunities with other entities and worker-related matters. Our overriding goal when representing a diverse and valued business clientele is to craft strategies that help “address all issues in the most efficient and effective way.”

Many small and medium-sized companies can likely benefit presently from candid and well-considered legal guidance that addresses the seminal changes wrought in federal tax policies affecting American businesses. Company owners have long chafed under what they consider a long-term regulatory climate that has not been friendly to the commercial sector. The current presidential administration has reacted to that criticism and the clarion calls for reform by recently ushering in multiple and material tax changes. The inclination of business principals to take quick advantage of them is readily understandable.

Several commentators in a recent article focusing on the tax-law revisions note their strong appeal and certain upside for many businesses going forward. Additionally, though, they stress that a bit of patience might be merited for owners thinking about making multiple changes all at once in light of new policies.

It might simply be a bit early for that, they contend. Notably, much IRS guidance and fleshing out of complex provisions via “thousands of pages of regulations” is still forthcoming.

Certain benefits are known and seemingly not complex at all, and can thus be taken advantage of now by legions of businesses across the country. For example, new and clearly business-friendly rules on equipment depreciation and deductions will unquestionably bring huge savings for diverse enterprises.

Much still remains a bit obscure, though, and will be rendered clearer only with the passage of time. In the meantime, company principals seeking to discuss business tax issues — both challenges and new opportunities — might reasonably contact a proven employers’ business law firm.