SVA Certified Public Accountants Professional Tom Milliken was recently interviewed on the radio program Madison in the Morning. Broadcast on February 21, 2018 on 1310 WIBA, Tom discussed the new tax reform and how it will impact both individual taxpayers and businesses.
The Tax Cuts and Jobs Act as a whole is estimated to reduce tax collections by $1.4 trillion. There are many new tax changes that will impact nearly every U.S. taxpayer. Some of the highlights Tom discussed on the radio program included the increase in the standard deduction and the change in the allowable itemized deductions on the individual side. On the business side, the corporate tax rate was adjusted to a flat 21% and there is an increase in accelerated depreciation.
To listen to the entire interview, visit https://www.iheart.com/podcast/53-madison-in-the-morni-28270560/episode/thomas-j-milliken-with-sva-28972110/.
Tom is a Principal with SVA Certified Public Accountants, S.C., and a member of the Tax Services and Business Advisory Services groups. Tom provides clients with technical expertise in tax planning and strategies, executive compensation, tax aspects of business transactions and other general federal and state tax matters. With Tom's extensive tax experience, he represents his clients in matters involving the Internal Revenue Service and state tax authorities including examination and appeals representation; accounting periods and methods issues; and requests for private rulings.