It’s no secret that there was a little confusion surrounding changes in the Tax Cuts and Jobs Act of 2017. While we’re officially done with the first filing season to feature the vast majority of changes stemming from that legislation, it isn’t much of a stretch to suggest that taxpayers and businesses would welcome a little help from the Internal Revenue Service. Well, it turns out that small businesses are about to get a number of tips from the IRS.
March 5 through March 11 is officially Small Business Week. In a recent press release, the IRS noted that this event has been held every year for more than half a century to honor “the important contributions of America’s entrepreneurs and small business owners.” To commemorate the event, the IRS will also help celebrate America’s mom and pop shops by highlighting a variety of topics that can help small businesses deal with tax- and data security-related issues.
The list was topped by “withholding taxes,” which, given the unexpected tax bills some taxpayers saw this year, is completely understandable. Aside from the aforementioned “data security tips,” the agency expects to also cover “estimated tax payments, business credits and deductions, and expanded tax benefits for depreciation and expensing.” The IRS also intends to address the sharing economy, which some taxpayers have struggled to fully understand.
The end of the press release included a list of web links titled “Small business / self-employed products,” that range from the “Small Business and Self-Employed Tax Center” to “E-News for Small Businesses.” If you prefer to watch videos, one of their links takes you to the IRS YouTube channel, which has a “Small Business playlist .”
Make sure to check back in next week to get a full rundown of the resources provided by the IRS. While it’s likely that the information will broadly apply to businesses, topics like data security are of the utmost importance for tax professionals. Besides, every tax office is required to have a written data security plan, and new information can help you stay up to date on ways to protect client and business data.
Source: IRS Newswire