The “Tax Cuts and Jobs Act” signed by President Trump on December 22, 2017, contains numerous provisions that impact business that specialize in providing professional services in the field of engineering. Below is a summary of some of the key provisions:
Corporate and Non-corporate:
Limits on the Deduction of Business Interest – IRC Sec. 163(j)
Generally, for tax years beginning after Dec. 31, 2017, every business, regardless of its form, will be subject to a...