The Tax Cuts and Jobs Act (TCJA) enacted many tax law changes that affect businesses and business owners. As the current year comes to a close, the Internal Revenue Service (IRS) released tax reform highlights summarizing what business owners should consider and review in order to make appropriate arrangements for the year end, including whether taxpayers may need to raise or lower their quarterly estimated tax payments. Such action can prevent an unforeseen year-end tax bill, as well as any possible penalty.
Additional highlights cover how the TCJA affects a variety of business deductions, including qualified business income (QBI) deductions, meals and entertainment expenses, depreciation and asset expensing, accounting methods, fringe benefits, moving expenses and achievement awards. New and revised tax credits affecting paid family and medical leave and rehabilitation expenditures are also discussed.
For more information, you can access the released article here, “The Highlights of Tax Reform for Businesses.”