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Dec 20, 2018 by Windham Chamber

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

Filed Under: IRS Tips

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We’re conveniently located in the heart of downtown Willimantic’s business district. Call us to schedule a meeting to discuss your business needs or to meet with our Business Resource Center.

Windham Region Chamber of Commerce
1320 Main St., Suite 27
Willimantic CT 06226
Phone: (860) 428-7739

info@windhamchamber.com

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