Tax update 2018: ‘Cuts and Jobs Act’ will hit LI hard
By TIMOTHY McHALE // At first glance, the recently passed Tax Cuts and Jobs Act seems to hit Long Island – and all high-tax areas – pretty hard. One reason: Many businesses on Long Island are pass-through entities in the service sector, which do not qualify for the reduced corporate rate or the additional pass-through deductions. Pass-through entities, with the exception of service industries, are allowed a deduction (subject to limitations) that effectively taxes their…
