Why choose Ricci?
The relationship you have with your accountant is one of the most enduring and important of your professional relationships. At Ricci & Company, we’ll take the time to understand your situation and your business so that the advice we give you is always aligned with your goals. Our relationship with national firm RSM means you’ll have access to high-level expertise that most local firms don’t have.Learn More
Ready to grow with us?
Are you looking for a stable yet flexible work environment where the focus is on providing great service to clients? A place that encourages you to develop new skills and talents? That values what you bring to the table? Where there’s no ceiling on your professional achievement?
If you’re ready to step up your game, submit your resume and see where you can take your accounting career.Learn More
Ricci & Company is the financial foundation for your success.
Your business and your personal wealth are more than a math equation. That’s why we go beyond the numbers in tax, audit, accounting and business advisory to provide the guidance you need to reach your goals.Learn More
A team at your service
Our team approach means you’ll always have access to the experts you need, when you need them. You’ll benefit from our expertise across industries and accounting services so you’ll always get the best ideas that help you get where you want to go.Learn More
More money in your pocket
You’ve worked hard for your success, and we’ll help you keep more of what you earn. Tax planning that saves you money while building a strong foundation for your future. Tax strategy that targets the best solution to get you where you want to go. Guidance to grow your business and your long-term wealth.Learn More
Clear explanations that you can understand with information you can use.
Our passion is helping our clients build better businesses, save on taxes, and grow their personal wealth. We do that by going beyond the numbers to give you the information you need to make better decisions.Learn More
WHAT’S NEW AT RICCI
May 2, 2018 |
Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December 31, 2017, and are permanent, unless otherwise noted.
- Replacement of graduated corporate rates ranging from 15% to 35% with a flat corporate rate of 21%
- Replacement of the flat personal service corporation (PSC) rate of 35% with a flat rate of 21%
- Repeal of the 20% corporate alternative minimum tax (AMT)
- Drops of individual income tax rates ranging from 0 to 4 percentage points (depending on the bracket) to 10%, 12%, 22%, 24%, 32%, 35% and 37% — through 2025
- New 20% qualified business income deduction for owners — through 2025
- Changes to many other tax breaks for individuals — generally through 2025
New or expanded tax breaks
- Doubling of bonus depreciation to 100% and expansion of qualified assets to include used assets — effective for assets acquired and placed in service after September 27, 2017, and before January 1, 2023
- Doubling of the Section 179 expensing limit to $1 million and an increase of the expensing phaseout threshold to $2.5 million (these amounts will be indexed for inflation after 2018)
- New tax credit for employer-paid family and medical leave — through 2019
Reduced or eliminated tax breaks
- New disallowance of deductions for net interest expense in excess of 30% of the business’s adjusted taxable income (exceptions apply)
- New limits on net operating loss (NOL) deductions
- Elimination of the Section 199 deduction, also commonly referred to as the domestic production activities deduction or manufacturers’ deduction — effective for tax years beginning after December 31, 2017, for noncorporate taxpayers and for tax years beginning after December 31, 2018, for C corporation taxpayers
- New rule limiting like-kind exchanges to real property that is not held primarily for sale (generally no more like-kind exchanges for personal property)
- New limitations on excessive employee compensation
- New limitations on deductions for certain employee fringe benefits, such as entertainment and, in certain circumstances, meals and transportation
Don’t wait to start 2018 tax planning
This is only a sampling of some of the most significant TCJA changes that will affect small businesses and their owners beginning this year, and additional rules and limits apply. The combined impact of these changes should inform which tax strategies you and your business implement in 2018, such as how to time income and expenses to your tax advantage. The sooner you begin the tax planning process, the more tax-saving opportunities will be open to you. So don’t wait to start; contact us today.
June 22, 2017 |
Trends, Trials and the New Regulatory Environment
June 22, 2017 |
Please join Ricci & Company for a complimentary breakfast seminar featuring…