Tax Cuts and Jobs Act Only 1 in 3 Businesses Feel Well-Prepared
recent Robert Half survey Strategy 1:Add more full-time accounting and finance staff, and accelerate hiring. hiring more full-time staff millions of jobs are still waiting to be filled top talent won't tolerate a long hiring process A smooth onboarding process Strategy 2:Lean on outside resources for additional expertise and training. Strategy 3:Assess whether your financial systems can handle the tax changes.- Expensing. Companies could previously expense entertainment expenses and meals—such as taking an employee, client, or prospective client out to lunch—for a 50 percent deduction for business purposes. Because these items are no longer tax-deductible, your business might need technical assistance adapting software to separate deductions in your general ledger for employees' meals and entertainment expenses.
- Payroll. Changes in withholding methods and calculations may require the implementation of new business systems. New withholding tables from the IRS are designed to prevent most taxpayers from over- or under-withholding. They also reflect higher standard deductions and the elimination of personal exemptions. Many employers' payroll systems must be redesigned to execute the new law's individual income tax rate cuts and taxable income bracket changes.
Steve Saah is the executive director for Robert Half Finance & Accounting, the world's first and largest specialized financial recruitment service. A division of Robert Half, the company has more than 300 locations worldwide. Saah is responsible for leading worldwide operations, based in the Washington, D.C., metropolitan area. Prior to joining Robert Half in 1998 as a recruiting manager, Saah worked as an internal auditor and assistant controller.NOT FOR REPRINT
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