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IRS continues to highlight and share information on tax law changes affecting small business owners and self-employed individuals.

Please see the materials listed below and attached.

  • IRS: Make an estimated tax payment now to avoid a tax time surprise :  IR-2018-255, December 19, 2018 — The IRS today advised employees, whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for the year, that they can still avoid a tax-time surprise by making a quarterly estimated tax payment directly to the IRS.
  • IRS issues guidance on changes to excess business and net operating losses:  IR-2018-254, December 18, 2018 — The IRS issued guidance on excess business loss limitations and net operating losses following law changes in the Tax Cuts and Jobs Act (TCJA)
  • IRS issues standard mileage rates for 2019:  IR-2018-251, December 14, 2018 — The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
  • IR-2018-247, The Internal Revenue Service today issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017.

 

Tax Reform Tax Tips. Tax Tips in English and Spanish:

Drop-in articles are attached:

  • Tax reform affects employee achievement awards
  • Tax law creates new opportunity zone program
  • Tax reform changes qualified moving expense reimbursements