“The only guarantees in life are death and taxes,” so the old saying goes. Greenhouse Grower recently hosted a webinar designed to help deal with one of those. “Cracking the Code on Taxes that Affect Your Green Industry Business” provided an interactive stage for presenters Bryce Gibbs, Principal at K-Coe Isom, and Tal Coley, Director of Government Affairs for AmericanHort.
The hour-long presentation moderated by Greenhouse Grower Editor Janeen Wright touched on lessons learned this past tax season as a result of the Tax Cuts & Jobs Act, the Wayfair decision and internet sales tax, succession planning, as well as highlights of provisions passed in the 2018 Farm Bill.
Gibbs led off his portion of the presentation by highlighting the gravity and complexity of major changes affecting all taxpayers. “There are still a lot of regulations being passed almost daily by the IRS,” he exclaimed.
To best deal with tax reform, Gibbs suggested a five-step approach:
1. Organize: Prepare by understanding your current situation, research, obtain knowledge, determine impact and identify resources and advisors as guides
2. Strategize: Identify and analyze challenges and opportunities, brainstorm (with advisors) and create solutions
3. Reflect: Assess short- and long-term implications of solutions and strategies developed – tax and otherwise
4. Optimize: Tailor solutions to match your needs, capitalize on opportunities and mitigate risks and exposure
5. Execute: Put your strategies to work
“Cracking the Code on Taxes That Affect Your Green Industry Business” is the first in a series of educational webinars on tap to be hosted by Greenhouse Grower.