The new tax law enacted for 2018 is more than 1,000 pages long and is the most substantial tax law change in decades.

The new rules will impact both individual and business finances on many levels. To help us understand what has changed, the Small Business Development Center at Jamestown Community College is hosting experts from The Bonadio Group to provide an overview of the new tax law on Wednesday, Oct. 3, from 10 a.m.-11 a.m. in the Carnahan Building on the Jamestown campus.

Daniel Koscielny, certified public accountant, and Jon Herdlein, certified public accountant, will discuss changes in the corporate tax rate, carryback and carryforward rules, limitations on deductibility of interest and certain expenses, how capital assets are depreciated or expensed and the new 20 percent deduction for some passthrough income.

In addition, Koscielny and Herdlein will highlight changes that impact individual taxes, such as changes in adjustments involving moving expenses and alimony, limitations on the use of business losses and the deductibility of state and local taxes and mortgage interest. The elimination of most miscellaneous deductions and personal exemptions, as well as changes to individual tax rates and income brackets, “kiddie tax” rates and reporting rules, and child credit eligibility and amounts will also be reviewed.

The cost for the workshop is $25. For more information or to register, contact the SBDC at 338-1024.

The SBDC at JCC is funded in part through a cooperative agreement with the U.S. Small Business Administration.