Hello Katz - Here Are Your Articles for Thursday, December 13, 2018
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2018 - A Look in the Rear View Mirror

 

As we near the end of the year and enter 2019, I thought it would be an appropriate time for us to look back at the year and review some of the highlights. I believe that we will look back at 2019 as a year of transition. As I write this in early December, the stock market has all but erased some of their prolific gains we witnessed towards the beginning of the year. The sporadic volatility we have seen in this market is unprecedented, and many professionals think this will not change going into 2019. The big question with many of our clients is how, where and when to invest their savings for the future. It’s a tough answer to provide guidance on right now and one we are spending a great deal of time with our client’s advisors trying to figure this out.

Beyond the markets, 2018 meant for us, at Katz, Nannis + Solomon, PC, a need to read, comprehend and begin to do planning on one of the largest tax law changes we have witnessed in decades. While some of us will see a somewhat simple scenario in their tax filings going forward, the vast majority of our more complex tax clients will have major changes to their filings and tax rates. Of course, this brings opportunities for planning and structure changes. Corporate rates have been slashed, flow through corporate rates may (or may not depending on the facts) come down and individuals will also feel some major impacts to their tax filings in a multitude of areas, from tax rates to allowable deductions, just to name a few.

For 2019, now that the House has recently changed over to be ruled by the Democratic Party, it will be interesting to see what will happen (or not happen most likely) in Washington. Obviously, many of President Trump’s law changes have been impactful in 2018, but as many of us know, numerous other changes have been quite divisive throughout the land. Depending on what happens with North Korea, Russia and China, (just to name a few) as well as domestically with the markets as interest rates increase, the stock markets, and country, may be in for a continued wild ride into 2019.

Despite all this, the Boston and New England economy, as a whole, continues to perform at outstanding levels. Our clients are experiencing record-setting growth in most industries and consumer spending continues to grow.  Most of our technology and life science clients can’t find the required and sought after talent they are looking for to maintain their growth, and it seems that the tight labor market is especially worse in Massachusetts with unemployment hovering around 3.5%. The acquisitions and exits by our clients and their businesses have set a record pace, with well over ten exits here at KN+S totaling over $400 million dollars alone. As I recently stated at a conference, if you are thinking about selling your business, you should strongly consider doing it now before our record-setting multiples begin to decrease.

The holidays will soon be here, and all of us at Katz, Nannis + Solomon, want you to know that we appreciate your support, friendship, and business. We hope you enjoy your time with family and friends and try to “unplug” for a few days. We vow to continue to strive to exceed your expectations and hope that you have a joyous, healthy and relaxing holiday season.

 

Jeff Solomon, C.P.A., C.V.A., Managing Shareholder at Katz, Nannis + Solomon, P.C. If you have any questions or would like to speak with one of our tax professionals, please contact our office at 781-453-8700.

 
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Katz Nannis + Solomon PC
Katz Nannis + Solomon PC
info@knscpa.com
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800 South Street Suite 250
Waltham, MA 02453
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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