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7. Tax reform helps 'pass-through' firms

from NSPS

From Jan. 4: As a professional society, rather than a trade association, NSPS operates a government affairs program that generally concentrates on surveying issues, not generic business issues. For the most part, NSPS members are individual surveyors, generally not firms of any structure. The Tax Cuts and Jobs Act, H.R. 1, passed by Congress and signed into law by President Trump shortly before Christmas signed by President Trump, has no provisions that specifically or uniquely affect the surveying profession. However, in response to several inquiries from members, NSPS is pleased to report on the new law’s treatment of the many surveyors who operate firms as sole proprietors, subchapter S corporations, or LLCs, wherein they are taxed personally and at individual tax rates, rather than as other forms of corporations at the corporate rate. Such firms are not exclusively in surveying, but can be in a variety of industries and professions. In order to assure that such "pass through" firms are not taxed at higher rates than other corporations, Congress provided specific treatment to lower the tax rates on these firms. For information on these provisions, click here. more

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