New IRS Resources on IRS.gov Help Businesses Understand Tax Reform

Last year’s Tax Cuts and Jobs Act made significant changes to the tax law that affect small businesses. The IRS posted two new resources on IRS.gov to help taxpayers understand how these changes affect their bottom line.

Here are some details about these resources:
 
New publication: Tax reform: What’s new for your business
This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, their owners, and tax professionals to understand. This concise publication includes sections about:

• Corporate tax provisions
• Qualified business income deduction
• Depreciation: Section 168 and 179 modifications
• Business-related losses, exclusions and deductions
• Business credits
• S corporations
• Farm provisions

New webpage: Tax Reform for Small Business
This one-stop shop highlights important tax reform topics for small businesses. Users can link to several resources, which are grouped by topic:

• New deduction for qualified businesses
• Withholding
• Deductions, depreciation and expensing
• Employer deduction for certain fringe benefits
• Like-kind exchanges
• Real estate rehabilitation tax credit
• Changes in accounting periods and methods of accounting
• Corporate methods of accounting
• Blended federal income tax
• Employer credit for paid family and medical leave
• Farmers and ranchers

More information:
Tax Reform Small Business Initiative

Share this tip on social media -- #IRSTaxTip: New IRS resources on IRS.gov help businesses understand tax reform. https://go.usa.gov/xE35v

Independent Insurance Agents of Virginia