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Under-the-radar tax law changes

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in Small Business Tax,Small Business Tax Deduction Strategies

The new tax law includes several other changes that haven’t received much attention. The list includes:

• Required “down payments” from taxpayers who submit “offers in compromise” when trying to settle outstanding tax debts at a discount.
• Increased corporate estimated tax payments for the largest corporations (i.e., assets of $1 billion or more).
• Modification of qualification rules for tax-free corporate spin-offs.
• Modified definition of wage limit for Section 199 manufacturing deduction.
• New reporting requirements for payers of tax-exempt bonds.

More to come? A “trailer” tax law is also expected to extend certain tax credits and deductions that expired at the end of last year. We’ll keep a close watch on the proceedings.

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