Title: How Will the New Tax Law Impact Small Business?
Description: Jim Scott, Jr. (CPA/CGMA), Principal and Founder with Penan & Scott, P.C., a CPA firm located in the Washington DC metropolitan area will discuss the major tax law changes for 2018, including how they affect your business based on the type of business you have (e.g., S, C, LLC, etc.). He will also discuss how the IRS is working in partnership with state tax agencies, how tax returns are selected for audit including tax returns of high-income earners, Schedule C businesses (Profit or Loss from Business), and tax returns with large itemized deductions and employee business expenses. He will focus on how the IRS detects unreported income through the analysis of bank statements, net worth, and other indirect methods. Are you prepared for how the new tax laws will impact you personally and professionally for 2018? Come to the NVSBC February Chapter dinner on February 1, 2018 and learn from the best and brightest.
Jim Scott is originally from Texas graduating with honors from the University of Baltimore with a BS in Accounting. He began his career with the U.S. Marine Corps, earning the rank of sergeant. After the Marines, he joined the large international accounting firm of Ernst & Young. In 1990, Jim co-founded Penan & Scott, P.C. Today, Jim is co-founder and senior principal of Penan & Scott, P.C.. He advised government contractors and businesses of all sizes, including Medicaid service providers, real estate investors and general contractors on all types of tax and financial issues. He has significant experience auditing financial statements of closely held-companies, structuring complex corporate and individual tax transactions, and negotiating financing for closely-held businesses.
Jim is a member of the American Institute of Certified Public Accountants, Maryland Association, Greater Washington Society, Texas Society, and Virginia Society of Certified Public Accountants. Jim also serves the National NVSBC Board of Directors, a non-voting role, as a consultant in matters relating to finance and accounting and prepares all of the NVSBC tax filings. All support of the NVSBC is done as a philanthropic contribution to the veteran community.