IRS Tax Reform Tax Tip 2018-119, August 2, 2018 The IRS reminds business owners with questions about the Tax Cuts and Jobs Act that there are several resources to help answer their questions. The legislation passed in December 2017 changes many areas of the tax law, including some that affect businesses. Here are some of the resources on IRS.gov that can help: IRS.gov/taxreform. The IRS created the Tax Reform page to highlight what taxpayers need to know about the tax law changes and how they affect taxpayers. This page also links taxpayers, businesses and tax professionals to news releases, recently updated publications, notices, legal guidance, Tax Reform Tax Tips and other resources related to the legislation. Fact sheets. IRS posts fact sheets on a wide range of topics, including tax reform. The depreciation fact sheet has information about new rules and limitations for depreciation and expensing under the new law. Publications. To help business owners understand the new law, the IRS has updated several publications, including Publication 15, Circular E, Employer’s Tax Guide. Frequently asked questions. To help employers and taxpayers, the IRS posted FAQs on these topics: How to use the Withholding Calculator. Changes to the Withholding Tables. The employer credit for paid family and medical leave. This is a general business credit that employers may claim based on wages paid to qualifying employees while they’re on family and medical leave. Tax tips. Business owners can subscribe to get tax reform tips and other easy-to-read tax tips by e-mail from the IRS throughout the year. E-News. The IRS issues regular updates on small business topics, including tax reform. It’s easy to subscribe to this email service. The IRS will give more information about business-related tax law changes throughout the year. The agency will update IRS.gov/taxreform to reflect changes as they develop.
