How will the new tax law changes affect companies?
The new tax law targets individuals and small businesses. But for larger businesses, there is a work opportunity tax credit that has been expanded to include two new classes of people — unemployed veterans and disconnected youth — which might encompass more employers who qualify for that credit. The credit is up to 40 percent of the first $6,000 of wages paid to the qualified employee. They’ve also expanded the rules for cancellation of certain indebtedness income. Consult your tax adviser on that. The rules are detailed, so make sure that you are following them correctly. ROBIN BELL is a member at Brown Smith Wallace LLC. Reach her at (314) 983-1217 or rbell@bswllc.com.
