The IRS, the Department of Labor and the Department of Health and Human Services recently issued final rules regarding health reimbursement arrangements (HRAs) and other account-based group health plans. For more information, see the new IRS.gov page regarding Health Reimbursement Arrangements.

2. How would you like to pay 20% less income tax for your business?

The Section 199A deduction, created by the 2017 Tax Cuts and Jobs Act, allows certain non-corporate taxpayers to deduct up to 20 percent of their Qualified Business Income (QBI). Find out if you qualify by visiting the TCJA/199A page on IRS.gov.

3. The General Business Credit aimed at employers, employees and the environment

The General Business Credit is composed of several credits available to businesses, each calculated under its own set of requirements. The objective of most of the credits is to promote employment, or the development or use of alternative fuels or other sources of energy, or to protect the environment.

For the latest information related to general business credits and how you can apply, go to IRS.gov, About Form 3800, General Business Credit.

4. Tax tip for employees: Options to get your withholding right

Employees should use the Withholding Calculator on IRS.gov to do a Paycheck Checkup to see if they’re having the correct amount of income tax withheld from their pay. The calculator gives recommendations to help adjust their tax withholding.

The most common method is increasing or decreasing the number of allowances on Form W-4.

Other ways to adjust withholding are:

Withhold an extra flat dollar amount per paycheck on Form W-4.
Make estimated tax payments.

5. If your business receives a backup withholding notice

The IRS issues Backup Withholding CP2100 or CP2100A Notices to certain types of income payers. These notices let payers know backup withholding may need to begin for some taxpayers receiving the payments. For example, if a taxpayer identification number (TIN) is missing or in the instance of an incorrect name/TIN combination.

For more information, see Publication 1281.

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