Whether or not you believe the new tax legislation Tax Cuts and Jobs Act (“TCJA”) signed by the President on December 22, 2017 will “Make America Great Again,” it is now the law of the land. The TCJA has been touted as the most far-reaching piece of tax legislation enacted in over 30 years and there are volumes of provisions that impact U.S. individuals, trusts, estates, businesses, tax-exempt organizations and foreign investments. This includes reduced tax rates for individuals, corporations and private businesses, 100% CapEx expensing, limitations on business interest expense and the individual state income tax deduction, among many other enhancements and limitations.
Despite a few downsides, the private restaurant owner may be well positioned to reap the benefits of the TCJA. This article highlights a few of the TCJA business provisions that have the broadest impact on the restaurant industry and private restaurant owners.