Ongoing Initiative Highlights Tax Ramifications of TCJA (IR-2018-197; FS-2018-17)

Small business owners are encouraged to learn about how the tax law changes made by the Tax Cuts and Jobs Act could affect them. Business taxpayers affected by the new law include:

– passthrough businesses,

– small C corporations,

– Schedule C filers, including independent contractors and gig economy workers, and

– farmers.

Ongoing Initiative Highlights Changes

The IRS is calling attention to these changes as part of its ongoing initiative to help small businesses and self-employed individuals understand and meet their tax responsibilities. The IRS has issued a number items, including

– news releases,

– Tax Tips,

– YouTube videos, and

– webinars,

to help small businesses navigate the new tax law.

Further, small businesses who provide paid family and medical leave to their employees should refer to the Employer Credit for Paid Family and Medical Leave FAQs page for more information.

Finally, business owners are encouraged to check the Tax Reform Home Page for the latest guidance on the tax law provisions that would affect them.

IR-2018-197

FS-2018-17

Other References:

Code Sec. 45S

– CCH Reference – 2018FED ¶4500ZV.25

– Code Sec. 132

– CCH Reference – 2018FED ¶7,438.58

– Code Sec. 162

– CCH Reference – 2018FED ¶8954.3228

– CCH Reference – 2018FED ¶8954.325

– CCH Reference – 2018FED ¶8954.3295

– Code Sec. 168

– CCH Reference – 2018FED ¶11,279.18

– Code Sec. 179

CCH Reference – 2018FED ¶12,126.65

Code Sec. 217

CCH Reference – 2018FED ¶12,623.87

Code Sec. 481

CCH Reference – 2018FED ¶22,277.58

CCH Reference – 2018FED ¶22,277.70

Code Sec. 6050X

CCH Reference – 2018FED ¶36,390.01

Tax Research Consultant

CCH Reference – TRC INDIV: 39,104

CCH Reference – TRC BUSEXP: 18,800

CCH Reference – TRC BUSEXP: 54,000

CCH Reference – TRC DEPR: 3,602

CCH Reference – TRC DEPR: 12,200

CCH Reference – TRC ACCTNG: 21,162.10

Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.
Not a subscriber? Sign up for a free trial or contact us for a representative.

AUTHOR

CCHTaxGroup

All stories by: CCHTaxGroup