For small business owners, there are mostly positive things about the new tax bill.  However, the new rules for business entertainment are not one of them.

Accountants have generally been advising their clients to prepay if there is any possible tax advantage to gain.  Today, the IRS issued an "Advisory" that tries to clarify what exactly qualifies as a deduction when people prepay their real estate tax bills.  

Congress officially passed the new tax bill.  Please remember - the new rules take effect next year, so we still have one more year with the old rules in effect.