Changes in the tax law that take effect for partnership tax years ending after December 31, 2017 require a review of the operating agreement and new tax elections on your 2018 partnership tax return.
Changes in the Tax Cuts and Job Acts will require changes to your chart of accounts.
The tax law made it possible for more wineries to elect the cash basis of accounting for tax purposes. Here's what you need to know.
HIghlights of the new Tax Law
Do you have proper documentation of your business expenses? If your expense is less than $75, documentation is not required, otherwise, you can use your mobile device.