On December 20, 2017, the House and Senate passed the Tax and Jobs Act, which President Trump signed on December 22. The IRS is currently working on implementation rules, which will provide specific details for compliance, and most likely will roll them out piecemeal over the course of the year. When it does go into full effect, the new law will have a broad impact on both individuals and the golf business community alike. For the golf industry, tax reform will provide an opportunity to grow business through new incentives afforded small businesses as well as through the increase in disposable income that individual golfers will realize. But not all changes that come with the new tax law will have a positive impact—there are some that could reduce your net income, depending on the nature and structure of your business.