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November 2018 CREW Las Vegas Luncheon Eye Opener on IRS Tax Code Changes

The November 2018 CREW Las Vegas Luncheon had the wonderful Mindy Kermes as the master of ceremonies as Natalie Wainwright had a business conflict and Mindy did an amazing job as our leader for this incredibly educational program and luncheon!

Shonda Decker and Colleague, Affordable Striping & Sealing LLC

A big shout out was given to our generous sponsor, Shonda Decker, President of Affordable Striping & Sealing, LLC. Shonda reminded all of us the importance of good parking lot maintenance and highlighted some of her amazing services! Thanks Shonda for sponsoring us and giving us a mini talk on paving!

“I am excited to announce on December 12th we will be celebrating 13 years in business.  I appreciate the relationships we have built with vendors and customers.  CREW is my favorite group to be involved with because I love surrounding myself with powerful, strong and positive woman.” -Shonda Decker, President Affordable Striping & Sealing, LLC

November’s luncheon featured a program packed with a punch of knowledge as Leslie Becker of Lawyer Mechanical Services hosted a fireside chat with Bernadette Mashas, CPA, Tax Partner, of Fair, Anderson & Langerman shared an in depth overview on how the new IRS Tax Code changes will affect us in commercial real estate.

Bernadette has been a CPA for 35 years with the last 21 1/2 years specializing in tax. She is considered a tax generalist who has lived in Las Vegas for 40 years and graduated from Eldorado High School and University of Southern California.

Bernadette and Leslie held an open fireside chat with all of us able to ask questions and chime in to discuss the implications of the first major tax reform since 1986. The playing field has changed for you and your tax advisors. Rules have all changed. The reason for this change was driven by the desire to lower corporate tax rates (C Corps) for the following:

  1. American corporations could not compete in global marketplace.
  2. Google, Apple, Pfizer, Microsoft, for example, moved operations offshore and refused to bring profits back to US because of US taxes
  3. Stimulate US economy – bring jobs and money back to the U.S.

Other Facts:

  1. Law signed by the President on December 22, 2017.
  2. 1,000 pages of new tax written in 50 days.
  3. Need regulations to interpret this new tax law; to be written by the IRS.
  4. Guidance from the IRS has been slow and there is a need for some technical corrections to fix problem with the new tax law
  5. Not all components of TCJA are permanent; many of the individual changes are for only 8 years – 2025.
  6. Passed with budget reconciliation process/ couldn’t increase deficit by more than $1.5 trillion over a 10 year period.

Takeaways:

  1. Talk to your tax advisor now to determine how TCJA affects you.
  2. As a business owner determine your projected taxable income for the year
    Buy assets
    Create a pension plan
    Make charitable contributions
  3. Do you need to change your structure to get the most pass-through deduction?

Everyone was reminded to pick up their valued Little Red Roster which helps us all connect outside of the luncheons! Talk to Brittany or Tara for your copy!

Wonderful report was given to us by Wendy Schweigert on all of the community spirit and giving that has gone on with the CREW Las Vegas members. Truck or Treat was a huge hit and touched so many children this past Halloween. The purse raffle today will help a family in need through the Candlelighters as well.

The winner of the purse raffle sure was thrilled and as always the enthusiasm was bubbling to win this coveted bag!

Please be sure to join us next month for:

Three Square Volunteering – December 4th 5:30 – 7:30 pm

December Luncheon (White Elephant) $10 gift – December 6th 11:30 am – 1pm  

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