IRS Releases Electronic Guide to Help Business Owners Navigate Tax Law Changes

By Jo McClure, CPP on Mar 22, 2019
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IRS Releases Electronic Guide to Help Business Owners Navigate Tax Law Changes

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. 

Watch this informative webinar to find out how the Tax Cuts and Jobs Act has impacted payroll processing.


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.

IRS Publication 5318

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

Trust Matters When Navigating Tax Law Changes

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.


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Written by Jo McClure, CPP

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