Clayton & McKervey shareholder to present on the impact of tax reform at the 2019 CSIA Executive Conference

Southfield, Mich.—April 5, 2019—Clayton & McKervey, a certified public accounting and business advisory firm helping growth-driven companies compete in the global marketplace, announced that shareholder Sarah Russell, CPA, will be a presenter at the 2019 Control System Integrators Association (CSIA) Executive Conference. Now in its 25th year, the conference takes place April 30–May 3 in Asheville, N.C.

Russell’s workshop, May 2 at 1:30 p.m., will focus on “How Tax Reform Impacts Systems Integrators.” She’ll cover key topics, including:

• The impact of the pass-through deduction
• Entity choice evaluation, including how Research & Experimentation Tax Credits impact such decisions
• Considerations for potential accounting method changes
• Review of bonus depreciation and Section 179 rules
• Review of business loss limitations and new net operating loss (NOL) rules
• Limitations on meals and entertainment deductions
• High-level overview of international rules
• Brief overview of individual tax impacts

At Clayton & McKervey, Russell is a point person for implementing tax strategies to help business owners reduce their tax liabilities and maximize cash flow. She advises owners and executive teams of both global and domestic companies on tax planning and tax savings strategies and global operational structuring, working in a variety of industries, including manufacturing and system integration. Russell holds a Masters of Business Administration from Wayne State University and a Bachelor of Science in Accounting from the University of Michigan–Dearborn.

About CSIA
Founded in 1994, the Control System Integrators Association (CSIA) is a not-for-profit, global trade association that seeks to advance the industry of control system integration. Control system integrators use their engineering, technical and business skills to help manufacturers and others automate their industrial equipment and systems. CSIA helps members improve their business skills, provides a forum to share industry expertise, and promotes the benefits of hiring a certified control system integrator. CSIA has over 500 member companies in 40 countries.

About Clayton & McKervey
Clayton & McKervey is a full-service CPA firm helping middle-market entrepreneurial companies compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.

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Clayton & McKervey summarizes President Trump’s tax reform plan

Clayton & McKervey, an international certified public accounting and business advisory firm located in metro Detroit, offered a summary of President Trump’s tax reform plan, announced today and titled A Unified Framework for Fixing Our Broken Tax Code. The summary was prepared by Suzanne Tuson, CPA, MST, a shareholder in the firm’s international tax services department.

In reviewing the proposed reforms for individuals and families, Tuson summarized the following key reforms:

• Create a larger “zero” tax bracket by increasing standard deductions to $24,000 married filing jointly and $12,000 for single taxpayers
• Consolidate current seven tax brackets to three brackets of 12%, 25% and 35%, but leave congress the option of creating an additional higher bracket for higher income taxpayers
• Repeal personal exemptions for dependents and increases the Child Tax Credit
• Increase income levels at which the Child Tax Credit begins phase out
• Make the first $1,000 of the Child Tax Credit refundable
• Provide a $500 non-refundable credit for non-child dependents
• Repeal Alternative Minimum Tax (AMT)
• Eliminate most itemized deductions, but retain tax incentives for home mortgage interest and charitable contributions
• Retain tax benefits that encourage work, higher education and retirement security
• Repeal death tax and generation skipping transfer tax

In reviewing proposed reforms for business, Tuson summarized the following key reforms:
• 25% Maximum tax rate applied to business income of small and family owned businesses conducted as sole proprietorships, partnerships and S corporations
• 20% Corporate tax rate
• Eliminate Corporate Alternative Minimum Tax
• Immediate expensing of the cost of new investments in depreciable assets other than structures made after September 27, 2017 for at least five years
• Limit deduction for net interest expense incurred by C corporations
• Eliminate Section 199 Domestic Production Deduction
• Retain Research and Development and Low-Income Housing Credits
• Modernize rules related to special tax regimes for specific industries
• 100% exemption for dividends from foreign subsidiaries (in which the U.S. parent owns at least 10%)
• Treat accumulated foreign earnings as repatriated under the transition to the new system
• Tax at a reduced rate and global basis the foreign profits of US multinational corporations

“Today’s news perhaps raises more questions than provides answers, but we expect further details and implications of the reforms will come to light over the next several days and weeks,” Tuson said.


About Clayton & McKervey
Clayton & McKervey is a full-service CPA firm helping middle-market entrepreneurial companies compete in the global marketplace. The firm is headquartered in metro Detroit and services clients throughout the world. To learn more, visit claytonmckervey.com.