Yesterday the IRS released a fact sheet summarizing changes from the Tax Cuts and Jobs Act that affect business taxpayers. The fact sheet provides explanations of these changes including: the qualified business income deduction, changes to fringe benefit deductions, the employer tax credit for paid family and medical leave, and the limitation of like-kind exchanges to real estate. The fact sheet also notes that business taxpayers should re-estimate estimated tax payments to account for changes in tax liability from the new law.
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