Five months after massive federal tax changes became law, many small business owners still don't know whether they'll be winners or losers. Big corporations already know their tax rates are falling, and all businesses can get bigger deductions for equipment purchases. But small business owners and tax advisers are still waiting for the IRS to write regulations and guidelines explaining and enforcing many parts of the law that is itself more than 500 pages long. "These are unclear, significant items that small businesses are worried about," says Rubin, who is also a member of the AICPA's tax executive committee. CPA Angela Dotson expects most small businesses to pay less in taxes.

Source: ABC News May 23, 2018 14:15 UTC