e-News for Small Business Issue 2018-33

 

e-News for Small Business Oct. 9, 2018
Tax Resources for Small Business Small Business and Self-Employed One-Stop Resource Small Business Forms & Instructions Small Business Events Small Business Webinars e-File for Businesses and Self-Employed Businesses with Employees Small Business Products Self-Employed Individuals S Corporations Other Resources IRS.gov Find it Fast! All Forms and Instructions Filing Your Taxes Make a Payment Taxpayer Advocate Service Retirement Plans Tax Information for Charities and Other Non-Profits State Links SSA/IRS Reporter IRS Social Media	e-News for Small Business Issue 33 Inside This Issue 10/9/18 IRS news release: IRS to highlight tax reform changes affecting small businesses; Small business owners, self-employed should plan now for new changes For many business taxpayers, time is running out to elect out of new 100-percent depreciation deduction for 2017Tax reform: Guidance on Business Expense Deductions Tax reform: Guidance on Business Expense Deductions 1.  10/9/18 IRS news release: IRS to highlight tax reform changes affecting small businesses; Small business owners, self-employed should plan now for new changes 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 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. Back to top 2.  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 by Oct. 15, 2018. The new 100-percent deduction allows businesses to write off most depreciable business assets in the year they're placed in service. The Tax Cuts and Jobs Act enacted in December 2017 created this deduction. 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 the complete news release for more details. Back to top 3.  Tax reform: guidance on business expense deductions The IRS issued guidance last week on the business expense deduction for meals and entertainment following recent changes to the tax law. Under the new law, taxpayers can 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. Until the proposed regulations are effective, taxpayers can rely on guidance in Notice 2018-76. Updates on the implementation of the Tax Cuts and Jobs Act are on the Tax Reform page of IRS.gov. Back to top                         Thank you for subscribing to this IRS e-mail service. This message was distributed automatically from the mailing list e-News For Small Business. Please Do Not Reply To This Message.

 

---

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact subscriberhelp.govdelivery.com.

This service is provided to you at no charge by the Internal Revenue Service (IRS).

---

This email was sent to business.solutions.ve@gmail.com by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington DC 20535