US & Canada Tax
Lily Lo CPA Licensed
Overview of the U.S. Tax Cuts and Jobs Act
Congress approved major tax reform in the Tax Cuts and Jobs Act, signed into law on December 22, 2017. This legislation, which affects both individuals and businesses, is commonly referred to as TCJA or the 2017 tax reform legislation.
The IRS estimates that we will need to create or revise more than 400 taxpayer forms, instructions and publications for the filing season starting in 2019. It’s more than double the number of forms we would create or revise in a typical year.
The IRS collaborates with the tax professional community, industry, and tax software partners each year as we
implement changes to the tax law, including the Tax Cuts and Jobs Act, to ensure that the taxpayer has information about how the law applies to your particular situation and you are prepared to file.
This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, their owners and tax professionals to understand. Businesses affected by TCJA include corporations, S corporations, partnerships (including limited liability companies or LLCs) and sole proprietorships.
Changes to deductions, depreciation, expensing, credits, fringe benefits and other items may affect your business tax liability and your bottom line. It’s important to consider the business structure and accounting methods when applying tax reform to the situation.