The delay in resolving the deductibility issue has created some problems for small businesses, said Michael Greenwald. Other tax breaks -- such as the 20% pass-through deduction, the R and D credit and the New Markets tax credit -- interact with the expense write-offs, meaning that businesses are rushing to determine whether they can still qualify for other tax benefits they usually claim.
“Clients were clearly relieved when Congress passed this, but the other side of that coin is that they were unaware of the nuances,” Greenwald said. “When we tell them about those, it’s as if we are taking away their Christmas present.”
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