Resources Available to Help Business Owners Understand Tax Reform

As a business owner, you may have questions about the Tax Cuts & Jobs Act, which passed in December 2017, and exactly how the law affects you. If you’re looking for answers, the IRS has provided several helpful resources for you to understand how the law affects you and your business.

• IRS.gov/taxreform. The Tax Reform page was created to highlight what taxpayers need to know. You can also find news releases, notices, legal guidance, Tax Reform Tax Tips as well as other resources related to the legislation.
• Publications. As a business owner, it is important that you understand the new law. That’s why the IRS has several updated publications, including Publication 15, Circular E, Employer’s Tax Guide to help you navigate the changes.
• Fact sheets. You can find fact sheets on a wide range of topics on the IRS website. One important sheet business owners may be looking for is the depreciation fact sheet. It covers all the information about the new rules and limitations for depreciation and expensing under the new law.
• Frequently asked questions. A few of the posted FAQs topics you may want to look at:
  • Changes to the Withholding Tables.
  • How to use the Withholding Calculator.
  • 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. If you need more help understanding the tax reform, then you can subscribe to tax reform tips and the easy-to-read tax tips via e-mail that the IRS sends throughout the year.
• E-News. Small business tips and topics, including tax reform, are also available by e-mail from the IRS. It’s easy to subscribe.

As business-related tax law changes occur throughout the year, updates will be made on IRS.gov/taxreform.