You are a savvy business owner. Part of your business acumen includes knowledge of potential tax credits that can benefit your bottom line. However, the words “potential for audit” linger in the back of your mind.
What does it mean to be prepared? Googling it, you’ll find the word ‘prepared’ defined as ‘ready to do or deal with something,’ but the relevance of this definition has a lot to do with what that ‘something’ is.
When President Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law a little over a year ago, he enacted the most sweeping update to the U.S. tax code since the 1986 tax reform enacted under President Reagan.