CPAs say corporate rate cut most impactful

Written on Jan 18, 2018

By Jessica Salerno, OSCPA content manager

The Tax Cuts and Jobs Act signed into law last month means the U.S. has its first fundamental tax reform in more than 30 years. In response to this significant legislation, we asked you in a recent Quick Poll what tax reform provision will have the biggest impact. The results:

  • 66.67% - The reduction of the corporate tax rate from 35% to 21%
  • 25% - The standard deduction almost being doubled
  • 8.33% - Lower individual rates

This is consistent with what  OSCPA Federal Tax Committee members are hearing, said Greg Saul, Esq., director of tax policy. Saul said committee members are receiving calls from clients on the choice of entity issue, such as switching from a PTE (taxed at individual rates) to a C corporation to take advantage of the 21% rate.

As always, the results of our Quick Poll are not scientific, but they are worth thinking about. Look for more quick polls every week in CPA Takeaways and on the OSCPA Facebook page, and be sure to participate in this week’s question about the possible government shutdown.

Get answers to your tax reform questions

To help you stay informed about the impact of federal tax reform, we’ve created a one-stop webpage at and several new CPE offerings.

The Tax News and Resource Center is your spot for up-to-date tax reform news and information. We have you covered with our latest tax-related offerings, guides, tax forms, practice aids, and more. Check it out now.

The page also includes a list of learning options for the hottest tax topics. Today, that includes:

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