e-News for Small Business Issue 2018-33

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e-News for Small Business Oct. 9, 2018

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e-News for Small Business Issue 33

Inside This Issue

  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
  2. 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
  3. 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.

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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.

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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.

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