The Tax Cut and Jobs Act (TCJA) enacted on December 22, 2017 is the most comprehensive change to the U.S. federal tax code since 1986. Cain Ellsworth partner Abby De Zeeuw, CPA says while the TCJA gave a tax break to some, it includes specific provisions that could actually mean a tax hike for some insurance companies. Implementing a tax planning strategy now could help lessen the sting going forward. Things like shifting investments, accelerating payment of expenses, making a major donation or creating an agent profit share/employee bonus program can help. But keep in mind every situation is different and not all strategies apply to all. Contact us at Cain Ellsworth and let’s go beyond the numbers.
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