IRS Publishes Tax Reform Resources for Small Business

The Internal Revenue Service (IRS) is reminding business taxpayers to learn about how the Tax Cuts and Jobs Act, the new tax law passed end of last year, may affect them. 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.

The IRS is highlighting these changes and more as part of its ongoing initiative to help small businesses and self-employed individuals understand and meet their tax responsibilities. Pass-through businesses, small C-Corporations, Schedule C filers (independent contractors and gig economy workers) and farmers are all affected by the new law.