The Internal Revenue Service (IRS) wants small business owners and self-employed individuals to understand how the recent tax law changes may have impacted their bottom line. The Tax Cuts and Jobs Act (TCJA) was passed in December 2017, and made sweeping changes to the Internal Revenue Code. It included trillions of dollars in tax cuts and benefits for both workers and business owners.
Through the IRS’ annual Tax Time Guide series, they hope to help taxpayers file an accurate tax return. New to the series for the 2018 tax year, and helpful for small business owners and entrepreneurs, is Publication 5318 - Tax Reform: What’s New for Your Business. This easy-to-read, 12 page, electronic IRS publication provides an overview of the various TCJA changes that are important for small and medium-sized businesses, their owners and tax professionals to understand. The different types of business entities impacted include corporations, S corporations, partnerships (including limited liability companies or LLCs) and sole proprietorships.
Here are the changes you can expect to learn about in Publication 5318:
Qualified Business Income Deduction
Depreciation
Business related losses
Business related exclusions and deductions
Business credits
S corporations
Farm provisions
Miscellaneous provisions
Keeping up with federal tax law changes is challenging—but choosing the right partner can make all the difference. As a Certified Professional Employer Organization (CPEO), Axcet HR Solutions provides peace of mind through verified compliance, financial reliability, and IRS accountability. Our expert team ensures your payroll taxes are handled accurately and on time, freeing you to focus on growing your business with confidence.
Learn more about how working with an IRS-certified PEO protects your business. Visit our CPEO page to see why certification matters.
Written by
Jo McClure, CPP, is the Director of Payroll Administration at Axcet HR Solutions, where she has been a pivotal leader for over 20 years. With more than two decades of experience in payroll outsourcing and professional employer organizations (PEOs), Jo specializes in helping small to mid-sized businesses navigate payroll administration, employee benefits, and compliance.
Her strategic leadership at Axcet focuses on implementing best practices in payroll management, compliance auditing, and risk mitigation. Jo obtained her Certified Payroll Professional (CPP) designation in 2006 and has held numerous leadership roles in the Greater Kansas City Chapter of the American Payroll Association, including President, Vice President, and Chapter Coordinator. A frequent speaker at the Midwest Regional Payroll Conference, she has also contributed articles to publications such as Thinking Bigger Business and Kansas City Small Business Monthly.
Jo's specialties include payroll implementation, compliance auditing, and crafting best-practice payroll solutions that ensure businesses stay compliant while optimizing their processes.
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