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Serving Central Texas Since 1967




The Tax Cuts and Jobs Act (TCJA) has provided significant changes to the tax law that continue to be scrutinized.  Our firm began analyzing the law and advising our clients on December 22, 2017 (the day the law was passed) and continue with tax planning for new areas of the law including the Qualified Business Income Deduction and the tax benefits of investing in a Qualified Opportunity Zone.

Qualified Business Income Deduction.  While there is much complexity in the calculation of the Qualified Business Income Deduction, a deduction of up to 20% of the qualified business income from a domestic business operated as a sole proprietorship or through a partnership, S corporation, trust or estate may be entitled to the taxpayer.  The complexities include taxable income limits, definitions of specified service businesses and unadjusted basis of qualified property, and rules of aggregation and losses.  The IRS recently released guidance on August 8, 2018 assisting us further with definitions and details in this calculation.  Certain members of Congress have released statements indicating technical corrections are needed and will be addressed as soon as a thorough review of the TCJA is completed.

Qualified Opportunity Zones.  The TCJA created Opportunity Zones and the ability to receive deferred tax treatment upon the investment in these zones if certain holding periods are met.

If you have questions on these new tax planning opportunities or any other elements of the new tax law, please call to discuss further.