The tax benefit, created by the 2017 Tax Cuts and Jobs Act, is designed to stimulate economic development and create jobs by encouraging long-term investments in economically distressed communities nationwide.
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Facts & StoriesMany newly established companies throughout the US today, are small and medium businesses owned by Italian citizens, green card holders and naturalized Americans of Italian origin. In the first of a series of articles aimed at providing expert advice to Italians about doing business in the US, Joe Molloy, CPA at Grassi & Co., tackles a very hot issue today, namely: “Should you choose S Corp or C Corporation Status for your business? And, given the recent modifications of the tax law, which features many new advantages for C Corps, should you convert your S Corp to C Corporation status or stay put?” Since the deadline for conversion is March 15th, this is a very sensitive matter for all those interested.
