Some of the key provisions relating to businesses for 2018:
The corporate tax rate structure is replaced with a flat 21% rate.
Pass-through entities -- such as partnerships, S corporations, limited liability companies (LLCs) and sole proprietors -- can claim a 20% deduction on earnings, subject to special rules restrictions. The deduction is not available to higher-income personal service providers.
The new law doubles the maximum Section 179 “expense” allowance from $500,000 to $1 million. It also increases the phaseout threshold for Section 179 deductions from $2 million to $2.5 million.
The new law doubles the first-year “bonus depreciation deduction” from 50% to 100%, but phases it out after 5 years.
Unlike the individual AMT, the corporate version of the AMT is completely repealed.
The deduction for business-related entertainment is repealed. Businesses can still generally deduct 50% of the cost of qualified meals.
Deductions for business interest expenses are capped at 30% of AGI, subject to certain special rules. However, a small business with average gross receipts of $15 million or less for the past three years is exempt.
"An Enrolled Agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by passing a three-part comprehensive IRS exam covering individual and business tax returns. Enrolled Agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to strict ethical standards and complete a minimum of 72 hours of continuing education courses every three years."