Tax accountant and small business CPA, Frank Zerjav, highlights role of Accounting Firms after tax changes – St. Louis, MO

Frank L. Zerjav CPA, founder at Advisory Group Associates has just highlighted the critical role tax accountants and CPAs will play in helping individuals and business owners navigate the new tax legislation. For more information please visit http://www.advisorygroupassociates.com/

St. Louis, MO, United States – February 8, 2018 /MM-REB/ —

Accountant and CPA, Frank L. Zerjav, founder at Advisory Group Associates has just highlighted the critical role tax accountants and CPAs will play in helping clients navigate the new tax legislation.

For more information please visit http://www.advisorygroupassociates.com/

On December 22nd 2017, the Tax Cuts and Jobs Act, became effective January 1st, 2018 signed into law by President Trump, enacting changes to the tax code system.

When asked to comment, Mr Zerjav said, “These sweeping changes impact virtually every taxpayer through to 2025. Individuals are more impacted by the provisions of the act than any other class of taxpayer.”

Some significant developments at the individual level include lower tax rates on personal income, an almost doubling of standard deductions, and a temporary hold on itemized deductions.

“Individual taxpayers are going to have to navigate a different maze in making decisions to maximize their tax benefits and minimize their tax liability. Working with an experienced accountant will allow you to create the best possible strategy,” Zerjav said.

Mr Zerjav added that the impact of the new tax law on payroll should become clearer in the coming weeks. In a December 26 statement, the IRS said that the “use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February.”

At the business level, one of the most controversial shifts in the tax legislation applies to pass-through entities, which make up 95% of all businesses in the country, according to Business Insider. Pass-through businesses include sole-proprietorships, partnerships, S corporations, and LLCs.

“The Tax Cuts and Jobs Act allows a temporary deduction in an amount equal to 20% of qualified income of pass-through entities, subject to a number of limitations and qualifications. A CPA can pinpoint exactly what can and can’t be claimed,” Mr Zerjav said.

Although the new tax code affects nearly every taxpayer, Zerjav says that the new tax laws will not necessitate an overhaul of most short- to medium-term plans.

“We don’t expect that the new legislation will require a drastic change in spending habits or lifestyles. However, the best thing you can do is contact a tax expert as soon as possible to learn what adjustments need to be made when it comes to your own situation” he said.

For more information please visit http://www.advisorygroupassociates.com/

Contact Info:
Name: Frank L. Zerjav CPA
Organization: Advisory Group Associates
Address: 1980 Concourse Dr, St. Louis, MO 63146, USA
Phone: 314-205-9595

For more information, please visit http://www.advisorygroupassociates.com/

Source: MM-REB

Release ID: 298395