Tim Terry and Todd Helle, partners at Terry, Lockridge and Dunn Accountants and Business Consultants presented the new tax law changes and more to the Iowa City Area Association of Realtors Commercial Round Table committee. The presentation was fact filled and specific and actually very interested and well presented.
There was investor concern at the end of 2012 about dramatic tax law changes with regard to treatment of real property taxation. The TLD team said the actual changes were minor on January 1st, but hold on to your wallet, there are some serious changes to tax law in Congress. The nominal rates will go down, but deductions and special treatment will vanish! The overall effect is the changes being contemplated in Congress will raise needed tax revenue much more than the fairly minor changes in top tax rate and capital gains rate already passed.
