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Articles

Need for IRS Guidance on New Pass-Through Deduction A Top Member Concern
When will the Internal Revenue Service (IRS) issue guidance on new Internal Revenue Code section 199A? That’s the number one question on CPAs’ minds related to the Tax Cuts and Jobs Act.
The 10 biggest tax breaks for individuals
The overhaul of the US tax code was supposed to make taxes simpler and more streamlined. Nearly doubling the standard deduction was a move in that direction. But the changes did very little to reduce the number of so-called tax expenditures...
How the New Tax Law Affects Private Equity and VC Firms
Six months after the Tax Cuts and Jobs Act (TCJA) was enacted, businesses are still trying to decipher its nuances and impact on their specific industries. The private equity sector in particular will be greatly affected, with immediate effects...
IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings
The Internal Revenue Service (IRS) today announced that it will waive certain late-payment penalties relating to the section 965 transition tax, and provided additional information for individuals subject to the section 965 transition tax...
IRS Issues Notice on State, Local Tax Deductions
The U.S. Department of the Treasury and the Internal Revenue Service issued a notice today stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes. Notice...
Newly revised estimated tax form and publication can help people pay the right amount
With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the first estimated tax payment...
Federal spending bill includes tax provisions
The Consolidated Appropriations Act, 2018, H.R. 1625, which is the $1.3 trillion spending bill that Congress passed on Friday, contains a few tax-related provisions, including funding for the IRS and technical corrections to various recent pieces...
IRS encourages ‘Paycheck Checkup’ for taxpayers to check their withholding; special week focuses on changes
Launching a special week of activities, the Internal Revenue Service today continued its effort to encourage taxpayers to do a “paycheck checkup” to make sure they have the right amount of tax taken out of their paychecks for their...
What Tax Reform Means for Small Business Owners
The new Tax Cuts and Jobs Act has the business world, including smaller companies, scrambling to figure out the implications and opportunities. One of the major changes is a steep drop in the corporate tax rate, from 35% to 21%, but that only...
IRS Lowers 2018 Family HSA Contribution Limit by $50
The 2018 contribution limit for health savings accounts (HSAs) linked to family coverage will be $6,850 - not $6,900, as the IRS had previously announced.

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