Tax Cuts and Jobs Act

Only 1 in 3 Businesses Feel Well-Prepared

recent Robert Half surveyStrategy 1:Addmore full-time accounting and finance staff, and acceleratehiring.hiring more full-time staffmillions of jobs are still waiting to be filledtop talent won't tolerate a long hiringprocessA smooth onboarding processStrategy 2:Leanon outside resources for additional expertise andtraining. Strategy 3:Assess whetheryour financial systems can handle the tax changes.

• Expensing. Companies could previouslyexpense entertainment expenses and meals—such as taking anemployee, client, or prospective client out to lunch—for a 50percent deduction for business purposes. Because these items are nolonger tax-deductible, your business might need technicalassistance adapting software to separate deductions in your generalledger for employees' meals and entertainment expenses.
• Payroll. Changes in withholding methodsand calculations may require the implementation of new businesssystems. New withholding tables from the IRS aredesigned to prevent most taxpayers from over- or under-withholding.They also reflect higher standard deductions and the elimination ofpersonal exemptions. Many employers' payroll systems must beredesigned to execute the new law's individual income tax rate cutsand taxable income bracket changes.

Strategy 4:Redouble your retentionefforts.Offeringcompetitive compensationbuild the leadership and interpersonalabilities

Steve Saah