Last year’s Tax Cuts and Jobs Act made significant changes to the tax law that affect small businesses. The IRS posted 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
- 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
The IRS has several videos that can help individual and business taxpayers learn more about the tax reform legislation. The IRS posts these videos on the IRS Video Portal and to their YouTube channel. Aside from these sites, the IRS offers tax reform information on its other social media channels, such as Twitter and their new Instagram account. Taxpayers can visit the Multimedia Center on IRS.gov for links to all the agency’s social media sites.
Here are some of the tax reform videos taxpayers can watch on their computer or on their smartphone when they’re on the go.
IRS Video Portal
The IRS continues to produce and post videos to post on the Video Portal. These videos can help individual and business taxpayers better understand how the tax reform law affects them and their taxes. Taxpayers can check back throughout the year to find new videos.
Tax Reform Basics for Employers
This provides an overview of tax reform changes for employers. Topics covered include changes to employer credit for family and medical leave, employee achievement awards, and qualified transportation fringe benefits.
Tax Reform Basics for Individuals and Families
Addresses tax reform changes that affect individual taxpayers. Topics include standard deductions, personal exemptions, itemized deductions, and the child tax credit.
Understanding How to Use the IRS Withholding Calculator to Check & Correct Withholding
This video explains why many taxpayers may need to change their withholding. It also helps tax professionals understand how to use the IRS withholding calculator to help taxpayers change their withholding.
IRS YouTube Channel
These videos are all in English, with several also being offered in Spanish and American Sign Language.
Paycheck Checkup: English | Spanish | ASL
Taxpayers can watch this video to find out why they should do a Paycheck Checkup after tax reform legislation changed how much tax is taken out of individuals’ paychecks.
IRS Withholding Calculator Tips: English | Spanish | ASL
This video gives taxpayers tips for using the calculator, including what documents to have on hand before starting their Paycheck Checkup.
Paid Family and Medical Leave: English
If employers provide paid family and medical leave for their employees, they may be eligible for a tax credit. This video has more information about this credit.