Accounting for inventory will be easier for many small businesses. Fewer firms will have to capitalize inventory production costs, now that the new tax law upped the gross receipts level to apply the UNICAP rules from $10 million to $25 million. And small firms with long-term contracts get relief. Many more businesses are now except from the requirement to use the percentage-of-completion method.

The IRS has a host of online videos and webinars aimed at small businesses. They explain basic tax rules and other issues that owners of small firms should note when running a business. Among the topics: Withholding and depositing payroll taxes. Limitations on deducting home office expenses. Various retirement plan options. Payments to independent contractors. And what to expect if your business is audited. Go to www.irsvideos.gov/Business to view these helpful videos and webinars, or contact us for more information about small business tax law.