34 April 2014
Here's a roundup of tax law
changes and how they'll affect
your business this year.
by J. Tol Broome Jr.
IF YOU'VE BEEN PAYING ATTENTION TO THE COMINGS AND
goings in Washington, D.C., in recent years, you know that tax law
changes have been a major—and often heated—topic of discussion.
While federal lawmakers have yet to reach a so-called "grand bargain"
that would involve substantive tax and entitlement reform, there still
are a number of key tax law changes that will impact businesses in 2014.
In fact, many of these changes are significant. The Internal Revenue
Service estimates the total time required to comply with the new tax
laws to be in excess of 1.1 million hours. These changes will impact
nearly all small businesses with even more adjustments experienced by
retailers. The changes can be divided into five different categories: tax
rates, asset purchase write-offs and bonus depreciation, healthcare-
related, retirement plans, and social security and Medicare. Read on to
find out what's in store in dealing with Uncle Sam in 2014.
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