As we have discussed, taxes are certain, but as we have seen in 2017, tax laws can quickly change. In fact, they change every year, with 2017-2018 being one of the most significant in recent years. In this discussion, please research what some of these changes are for businesses and answer the following questions:
- What were the most significant changes in this new tax law?
- What would be the effect on a business for which you might work as an engineer
- Would there be any changes in the way businesses deal with depreciation?
- A big change in taxes and depreciation also occurred in the 1980s. Research and summarize the effects of the Accelerated Cost Recovery System (ACRS) on taxes and depreciation. What is your opinion of ACRS?
This discussion will address the following Module Outcomes:
- MO1: Use depreciation methods to reduce book value of capital assets. (CO6)
- MO2: Perform before and after taxes evaluations of engineering projects and systems. (CO6)
- MO3: Use all concepts and evaluative processes presented in the course as appropriate in evaluating the economic potential of engineering projects and systems. (CO1, CO2, CO3, CO4, CO5, CO6)