In recent months, the Tax Cuts and Jobs Act has made waves in business discussions nationwide. Business leaders watched news reports, read headlines and heard rumors about how the new tax reform law would create a new landscape for how they understand their companies’ taxes. But, what does tax reform actually mean for a business? Does filing an extension make you more likely to be audited? Should you consider changing your business’s entity status in light of the new tax law?
In this episode of The Wrap, William Dow, CPA and Katye Coats, CPA sit down with Kim and Paul to discuss the answers to these questions and more, including tips for business owners as they look to tax planning for 2020.
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