Tag Archive for Tax Law Changes

Temporary Tax Law Changes Should Be EASY!

Temporary Tax Law Changes Should Be EASY!

We are in tough times! The pandemic is in it’s second year and the March 13, 2020 disaster declaration is still in effect. The American Rescue Plan Act of 2021 signed into law on March 11, 2021 is the 5th major piece of COVID-19 relief enacted since mid-March 2020. The tax changes in these laws are numerous and complex in terms of new definitions, special rules, confusing interaction with other rules, and more.

The IRS could not even open the 2021 filing season until February 12 – later than usual. The IRS is still processing paper filed 2019 returns.

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Recent Tax Law Changes Affecting Small Business

IRS - Tax Law Changes Affecting Small Business

The Internal Revenue Service wants business owners and the self-employed to know that a publication on IRS.gov has information they can use to learn which recent tax-law changes impact their bottom line.

This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 17, Your Federal Income Tax, and the tax reform information page.

Publication 5318, Tax Reform: What’s New for Your Business, is a 12-page electronic document. Pub. 5318 provides a general overview of many of the Tax Cuts and Jobs Act (TCJA) changes enacted in December 2017 that impact business taxes.

Publication 5318 Includes Sections On:
  • Qualified Business Income Deduction
  • Depreciation
  • Business related losses
  • Business related exclusions and deductions
  • Business credits
  • S corporations
  • Farm provisions
  • Miscellaneous provisions
A Few Key Provisions Include:
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