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News & Press: Federal Tax News

Tax Reform Resources

Monday, October 15, 2018   (0 Comments)
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Submitted by Brian Wozniak,  IRS Stakeholder Liaison

C&L: SL: Area 6
Brian.Wozniak@irs.gov

Tax Reform - https://www.irs.gov/tax-reform

The Highlights of Tax Reform for Businesses

https://www.irs.gov/newsroom/the-highlights-of-tax-reform-for-businesses

The Tax Cuts and Jobs Act included a few dozen tax law changes that affect businesses. Most of the changes in the new law take effect in 2018 and will affect tax returns filed in 2019. This fact sheet summarizes some of the changes for businesses and gives resources to help business owners find more details.

 

IRS to highlight tax reform changes affecting small businesses; Small business owners, self-employed should plan now for new changes

https://www.irs.gov/newsroom/irs-to-highlight-tax-reform-changes-affecting-small-businesses-small-business-owners-self-employed-should-plan-now-for-new-changes

With just a few months left in tax year 2018, the Internal Revenue Service urges small business owners to learn about how the new tax law changes may affect them. The Tax Cuts and Jobs Act, passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018 and the years ahead. Among other things, the new law may change their tax rates and impact the quarterly estimated tax payments they are required to make during the year.

Business owners can refer to the Tax Reform Provisions that Affect Businesses page for updates and resources on these topics and other business-related changes. The IRS is highlighting these changes and more as part of its on-going initiative to help small businesses and self-employed individuals understand and meet their tax responsibilities. Pass-through businesses, small C-Corporations, Schedule C filers (independent contractors and gig economy workers) and farmers are all affected by the new law.

Business owners are encouraged to check the Tax Reform page for the latest guidance on the tax law provisions that may affect them. Partner groups are also encouraged to share this important information with their members.

 

New employer tax credit for paid family and medical leave available for 2018 and 2019

https://www.irs.gov/newsroom/new-employer-tax-credit-for-paid-family-and-medical-leave-available-for-2018-and-2019

Eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019. In addition, eligible employers who set up qualifying paid family leave programs or amend existing programs by Dec. 31, 2018, will be eligible to claim the employer credit for paid family and medical leave, retroactive to the beginning of the employer’s 2018 tax year, for qualifying leave already provided.

See Notice 2018-71 for detailed guidance on the new credit in a question and answer format.

 

IRS: 2018 employer reimbursements for employees’ 2017 moves are generally tax-free

https://www.irs.gov/newsroom/irs-2018-employer-reimbursements-for-employees-2017-moves-are-generally-tax-free

Employer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes, the IRS announced.

 

For many business taxpayers, time is running out to elect out of new 100-percent depreciation deduction for 2017

https://www.irs.gov/newsroom/for-many-business-taxpayers-time-is-running-out-to-elect-out-of-new-100-percent-depreciation-deduction-for-2017

Business taxpayers who placed qualifying property in service during 2017 but choose not to claim the new 100-percent depreciation deduction have a limited time to file the required election with the IRS. In general, individuals and calendar-year corporations must file the election with the IRS by Oct. 15, 2018. The new 100-percent deduction allows businesses to write off most depreciable business assets in the year they are placed in service. Because the deduction is retroactive and applies to qualifying property acquired and placed in service after Sept. 27, 2017, it may affect many 2017 tax returns. See IRS Fact Sheet 2018-09 for more details.

 

IRS issues guidance on Tax Cuts and Jobs Act changes on business expense deductions for meals, entertainment

https://www.irs.gov/newsroom/irs-issues-guidance-on-tax-cuts-and-jobs-act-changes-on-business-expense-deductions-for-meals-entertainment

The Internal Revenue Service issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. Taxpayers may continue to deduct 50 percent of the cost of business meals if the taxpayer (or an employee of the taxpayer) is present and the food or beverages are not considered lavish or extravagant. The meals may be provided to a current or potential business customer, client, consultant or similar business contact. Food and beverages that are provided during entertainment events will not be considered entertainment if purchased separately from the event.

Prior to 2018, a business could deduct up to 50 percent of entertainment expenses directly related to the active conduct of a trade or business or, if incurred immediately before or after a bona fide business discussion, associated with the active conduct of a trade or business.

The Department of the Treasury and the IRS expect to publish proposed regulations clarifying when business meal expenses are deductible and what constitutes entertainment. Until the proposed regulations are effective, taxpayers can rely on guidance in Notice 2018-76.

 


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