LUTZ BUSINESS INSIGHTS
Tax Cuts & Jobs Act + Ag Industry
Jim Honz, Lutz Tax Shareholder, was recently featured on the Nebraska Grain & Feed Association’s (NEGFA) website for an article about the Tax Cuts and Jobs Act (TCJA) relating to the agriculture industry.
“In December 2017, Congress passed the Tax Cuts and Jobs Act (TCJA), a once-in-a-generation tax bill that provides many generous tax reductions, including lower federal income rates, 100% expensing of depreciable personal property, larger tax credits for children, virtual elimination of the Alternative Minimum Tax, expanded use of Cash Method of Accounting, and a doubled estate tax exemption. It’s almost as if Congress made paying taxes voluntary. Said another way, if you’ve paid taxes on your 2018 return, you didn’t plan hard enough to avoid them.
Businesses seeking to grow and expand can take advantage of the 100% expensing election that applies not only to new property, but also used property. It applies to nearly all business property except land (of course), building structures and property purchased from related parties. Even land improvements such as parking lots, fencing, drainage and irrigation systems, and landscaping are eligible for immediate expensing.”
ABOUT THE AUTHOR
JIM HONZ + TAX SHAREHOLDER
Jim Honz joined the firm in 1984 and currently serves as a Tax Shareholder. His areas of expertise include export tax incentives (IC-DISCs), choice of business entity, and methods of accounting (including Lifo Inventory). In addition, Jim works with tax-exempt organizations on tax and organizational issues.
AREAS OF FOCUS
AFFILIATIONS AND CREDENTIALS
- American Institute of Certified Public Accountants, Member
- Nebraska Society of Certified Public Accountants, Member
- Certified Public Accountant
- Silver Medal on CPA Exam for second highest score
- BSBA in Accounting, Creighton University, Omaha, NE
- Catholic Charities, Past Board Member/President
- Nebraska Organ Recovery System, Inc., Board Member/Treasurer
- Creighton University Financial Advisory Committee, Past Alumni Member Appointed by CU President
- St. Wenceslaus Church, Elected Parish Council Member (Vice President), Chairman of Finance Committee
- Creighton University Accounting Department, Past Advisory Board Member
- SIDs 398 (Pacific Springs) & 189 (Georgetown), Elected Trustee/Chairman
- NSCPA, Political Education Committee Member
- 5 Tax Tips for Manufacturers
- Tax Cuts & Jobs Act + Ag Industry
- 2019 Manufacturing Outlook Survey Results
- How Would a Robotics Tax Affect Manufacturing Businesses?
- Additive Manufacturing Has Many Tax and Accounting Implications
- 2018 Manufacturing Outlook Survey Results
- Reformation of Valuation Discounts
- 2017 Manufacturing Outlook and Insights
- What are IC-DICS?
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