Tax reform has significantly altered the planning landscape for businesses and business owners. Our program begins with coverage of new, important changes to the Fair Labor Standards Act taking effect January 1, 2020 that every business owner should be familiar with. We then discuss the impact of new bonus depreciation rules, Section 179 rules and their interaction with the repair regulations. We also discuss the rules for taxing employer provided parking spots. Our topics include the new Section 83(i) election and how it relates to the 83(b) election. We also discuss planning around the restrictions on deducting settlement payments and changing methods of accounting to produce tax advantages for businesses. Topics relating to partnerships include how and why partnerships elect out of the new partnership audit regime and how the Section 163(j) business interest limitation impacts partners and partnerships. The program concludes with strategies to take advantage of the Section 199A deduction and new rules relating to distributions from C corporations that converted from S corporation status.