Of all the changes in the tax reform bill that Congress passed and the president signed at the end of 2017, some provisions stand out more than others as having a significant impact on the logistics industry. Many of the changes have the potential to be quite positive and lucrative. However, without proper planning, businesses could miss out on tax-saving opportunities or even be negatively impacted from the new tax provisions.
The most notable changes that stand to benefit businesses and corporations in the transportation and logistics industries include the reduction of the federal corporate tax rate from 35 percent to 21 percent and the repeal of the corporate Alternative Minimum Tax (“AMT”).
David W. Appel, CPA, managing partner of the South Florida practice of Cherry Bekaert, shares ways that the logistics industry can plan effectively to benefit from the recent tax reforms. With more than 30 years of experience, Appel provides tax planning and consulting services to publicly-traded and privately-held corporations, including comprehensive strategic tax planning in closely-held entities, S corporations, partnerships, controlled groups and individuals.
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