The following is from the American Horse Council:
AHC’s Tax Bulletin is Sponsored by
The American Horse Council keeps you up to date with important tax court cases and regulations with its bi-monthly Tax Bulletin. The Tax Bulletin is a member benefit, and thus is not intended for reproduction. For more information on federal legislation, equine health and regulatory issues, taxes, animal welfare, racing, recreation, and showing please visit our website at www.horsecouncil.org .
Horse Industry Trots Into New Tax Landscape
Two major policy developments have dramatically changed the tax landscape for horse owners and millions of other Americans as they make nancial plans for their businesses and families in 2018 and beyond: enactment of the Tax Cuts and Jobs Act of 2017, which rewrites major business and individual provisions of the tax code; and passage of the Bipartisan Budget Act of 2018 (aka, “tax extenders”), which extends for one year a host of tax incentives that expired at the end of 2016.
Qualifed Business Income Deduction Under the Tax Cuts and Jobs Act
By Douglas Dean, CPA, Dean Dorton Allen Ford, PLLC, Lexington, KY
Thomson Reuters, a major resource provider for tax professionals, recently stated: “Few provisions in the recently enacted Tax Cuts and Jobs Act are likely to have a greater impact or create more confusion than the new Code Section 199A deduction for noncorporate taxpayers for qualified business income.”
The AHC Tax Bulletin is a digest of current tax developments affecting the horse industry. The AHC Tax Bulletin is for informational purposes only and not intended to take the place of professional tax counsel.
AHC Tax Bulletin Advisory Board
Thomas A. Davis, Esq.
Davis & Harman LLP
Dean Dorton Allen Ford, PLLC
Husband Law Group
Universal City, CA
Graydon, Head & Ritchey
Bruce D. Oberfest & Associates
Stoll Keenon Ogden, PLLC
Frost Brown Todd