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 provisionsQualified business income deductionDepreciation: Section 168 and 179 modificationsBusiness-related losses, exclusions and deductionsBusiness creditsS corporationsFarm 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 businessesWithholdingDeductions, depreciation and expensingEmployer deduction for certain fringe benefitsLike-kind exchangesReal estate rehabilitation tax creditChanges in accounting periods and methods of accountingCorporate methods of accountingBlended federal income taxEmployer credit for paid family and medical leaveFarmers and ranchers

More information: 
Tax Reform Small Business Initiative