Monday, December 17, 2018

Businesses can visit IRS.gov to find out how tax reform affects their bottom line

Business may find they have questions about how 2017’s tax reform legislation affects their organization and their bottom line. IRS.gov is a great place to find answers. Here are several pages on the IRS website that address tax reform. Businesses can bookmark these pages and check back often, as the IRS regularly updates them with new information.

Tax reform provisions that affect businesses

This is the main page for businesses. Users can link from this page out to more resources with additional information, which is organized in sections by topic. These sections include a plain language description and links to news releases, notices and other technical guidance. Here are a few of the main tax topics on this page and the subtopics highlighted in each section:
  • Income: taxation of foreign income, carried interest, and like-kind exchanges
  • Deductions and depreciation: fringe benefits, moving expenses, standard mileage rates, deduction for passthrough businesses, and business interest expenses
  • Credits: employer credit for paid family and medical leave, and the rehabilitation tax credit
  • Taxes: blended federal income tax and withholding
  • Accounting method changes
  • Opportunity zones
This page also includes information for specific industries, such as farming, insurance companies, and aircraft management services.

Tax reform resources

From this page, people can link to helpful products including news releases, tax reform tax tips, revenue procedures, fact sheets, FAQs and drop-in articles. Organizations can share these materials including the drop-in articles with employees, customers and volunteers to help them better understand tax reform.

Tax Cuts and Jobs Act: A comparison for businesses

This side-by-side comparison can help businesses understand the changes the new law made to previous law. It will help businesses then make decisions and plan accordingly. It covers changes to deductions, depreciation, expensing, tax credits, and other tax items that affect businesses.

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