O&MM Fabricator - March/April 2018 - 33

longer than 60 months. Or, they may choose
to recover them over a period of 10-years.
Small Business Accounting Method
and Simplification
Simplifying the method of accounting that
metal fabricators can use will help ease the
accounting burden of many small shops.
Ornamental and miscellaneous metals businesses with average annual gross income of
less than $25 million may now use the easier
cash-basis method of accounting.
The former $5 million threshold for
corporations and partnerships with a
corporate partner has been increased to
$25 million. Under the TCJA, businesses
with average gross receipts of $25-million
or less will be permitted to use the cash
method of accounting even if the operation
has inventories.
With the cash method of accounting, the
business may treat inventory as non-incidental
materials and supplies. Also, a metal fabrication business with inventories that use the
cash method of accounting will be able to
account for its inventories using the accounting method used on its financial statements
or its books and records.
Having the option of using the cash method
of accounting for any businesses with income
of less than $25 million, with or without inventories, is a solid option to have. Not only has
the requirement that a business satisfy the
$25 million ceiling for all prior years been
repealed, the average gross receipts test has
also been indexed to inflation. Furthermore,
qualifying businesses will also be exempt
from the onerous Uniform Capitalization
(UNICAP) rules.

Act. The tax law passed last December provides immediate relief from the so-called
"Death Tax" by doubling the estate tax exemption. S corporations attempting to convert to
regular 'C' corporations will face new rules;
Section 199, the deduction for so-called
"domestic production activities," has been
repealed; the deduction for local lobbying
expenses has been repealed; and partnerships will no longer terminate upon the death
or exit of a partner.
According to our lawmakers, the TCJA
also modernizes our international tax system

CALL
800.784.7444
TO REQUEST A

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CATALOG

NOLs
One of the main benefits of net operating
losses (NOLs) was the fact they could be carried back to more prosperous years to create
a refund of taxes paid in those earlier years,
thus providing an immediate infusion of badlyneeded cash. Today, the NOL deduction has
been severely limited.
The NOL write-off is now limited to
80-percent of taxable income and only in special cases will a NOL carry-back be permitted.
There is no limit on how far forward NOLs may
be carried.
More, Oh, So Much More
Obviously, there are many more changes
contained in the massive, Tax Cuts and Jobs

making it easier and far less costly for U.S.
businesses to bring home foreign earnings.
The international provisions of the TCJA
also prevent U.S. jobs, headquarters and
research from moving overseas by eliminating incentives.
All-in-all, the Tax Cuts and Jobs Act appears
to favor businesses over individuals with longer-lived tax savings. Unfortunately, with few
exceptions, the potential savings won't be
seen by ornamental and miscellaneous metals business owners until the tax bill for 2018
comes due.

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Table of Contents for the Digital Edition of O&MM Fabricator - March/April 2018

President’s Letter
Letter From the Executive Director
NOMMA Network
NOMMA Education Foundation
2018 Top Job Winners Showcase
Laminated Glass Railing: New Requirements and Pointers for a Successful Installation
Francis & Hazel
The Tax Cuts and Jobs Act
NOMMA Member Savings Program–Metalfab Update
Supplier Members
New & Returning Nomma Members & Iron Club Members
Gold Members
Take a Stroll Down Memory Lane - Nomma’s First Years, Part Ii
Index of Advertisers
O&MM Fabricator - March/April 2018 - Intro
O&MM Fabricator - March/April 2018 - bellyband1
O&MM Fabricator - March/April 2018 - bellyband2
O&MM Fabricator - March/April 2018 - cover1
O&MM Fabricator - March/April 2018 - cover2
O&MM Fabricator - March/April 2018 - 3
O&MM Fabricator - March/April 2018 - 4
O&MM Fabricator - March/April 2018 - 5
O&MM Fabricator - March/April 2018 - 6
O&MM Fabricator - March/April 2018 - 7
O&MM Fabricator - March/April 2018 - 8
O&MM Fabricator - March/April 2018 - President’s Letter
O&MM Fabricator - March/April 2018 - 10
O&MM Fabricator - March/April 2018 - Letter From the Executive Director
O&MM Fabricator - March/April 2018 - NOMMA Network
O&MM Fabricator - March/April 2018 - 13
O&MM Fabricator - March/April 2018 - 14
O&MM Fabricator - March/April 2018 - 15
O&MM Fabricator - March/April 2018 - NOMMA Education Foundation
O&MM Fabricator - March/April 2018 - 17
O&MM Fabricator - March/April 2018 - 2018 Top Job Winners Showcase
O&MM Fabricator - March/April 2018 - 19
O&MM Fabricator - March/April 2018 - 20
O&MM Fabricator - March/April 2018 - 21
O&MM Fabricator - March/April 2018 - Laminated Glass Railing: New Requirements and Pointers for a Successful Installation
O&MM Fabricator - March/April 2018 - 23
O&MM Fabricator - March/April 2018 - 24
O&MM Fabricator - March/April 2018 - 25
O&MM Fabricator - March/April 2018 - Francis & Hazel
O&MM Fabricator - March/April 2018 - 27
O&MM Fabricator - March/April 2018 - 28
O&MM Fabricator - March/April 2018 - 29
O&MM Fabricator - March/April 2018 - The Tax Cuts and Jobs Act
O&MM Fabricator - March/April 2018 - 31
O&MM Fabricator - March/April 2018 - 32
O&MM Fabricator - March/April 2018 - 33
O&MM Fabricator - March/April 2018 - 34
O&MM Fabricator - March/April 2018 - NOMMA Member Savings Program–Metalfab Update
O&MM Fabricator - March/April 2018 - 36
O&MM Fabricator - March/April 2018 - Supplier Members
O&MM Fabricator - March/April 2018 - 38
O&MM Fabricator - March/April 2018 - New & Returning Nomma Members & Iron Club Members
O&MM Fabricator - March/April 2018 - 40
O&MM Fabricator - March/April 2018 - Gold Members
O&MM Fabricator - March/April 2018 - 42
O&MM Fabricator - March/April 2018 - Take a Stroll Down Memory Lane - Nomma’s First Years, Part Ii
O&MM Fabricator - March/April 2018 - 44
O&MM Fabricator - March/April 2018 - Index of Advertisers
O&MM Fabricator - March/April 2018 - 46
O&MM Fabricator - March/April 2018 - cover3
O&MM Fabricator - March/April 2018 - cover4
https://www.nxtbook.com/naylor/NOMS/NOMS0518
https://www.nxtbook.com/naylor/NOMS/NOMS0418
https://www.nxtbook.com/naylor/NOMS/NOMS0318
https://www.nxtbook.com/naylor/NOMS/NOMS0218
https://www.nxtbook.com/naylor/NOMS/NOMS0118
https://www.nxtbook.com/naylor/NOMS/NOMS0617
https://www.nxtbook.com/naylor/NOMS/NOMS0517
https://www.nxtbook.com/naylor/NOMS/NOMS0417
https://www.nxtbook.com/naylor/NOMS/NOMS0317
https://www.nxtbook.com/naylor/NOMS/NOMS0217
https://www.nxtbook.com/naylor/NOMS/NOMS0117
https://www.nxtbook.com/naylor/NOMS/NOMS0616
https://www.nxtbook.com/naylor/NOMS/NOMS0516
https://www.nxtbook.com/naylor/NOMS/NOMS0416
https://www.nxtbook.com/naylor/NOMS/NOMS0316
https://www.nxtbook.com/naylor/NOMS/NOMS0216
https://www.nxtbook.com/naylor/NOMS/NOMS0116
https://www.nxtbook.com/naylor/NOMS/NOMS0615
https://www.nxtbook.com/naylor/NOMS/NOMS0515
https://www.nxtbookmedia.com