Two IRS Publications Every Business Owner Should Read


The April Small Business Connection Newsletter sent by the Illinois Department of Commerce and Economic Opportunity (DCEO) included a section titled: Two IRS Publications Every Business Owner and Self-Employed Individual Should Read. You can view the text of the article below.

The 2019 revision of Form 656-Booklet, Offer in Compromise (OIC) will be available for download on IRS.gov, Monday, March 25. The booklet contains current forms and instructions for submitting an OIC. Using previous versions of the booklet may result in delayed processing of OIC applications.

Publication 5318, Tax Reform: What’s New for Your Business, provides an overview of many of the 2017 Tax Cuts and Jobs Act changes that affect business taxes. Topics include:

    • Qualified business income deduction
    • Depreciation
    • Business related losses, exclusions and deductions
    • Other miscellaneous provisions

Additional help for filing business taxes is available in Publication 17, Your Federal Income Tax, and the IRS.gov tax reform information page.

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