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Updated Withholding Calculator, Form W-4 Released
The Internal Revenue Service today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. The IRS urges...
Three Popular Tax Benefits Retroactively Renewed for 2017; IRS Ready to Accept Returns Claiming These Benefits; e-file for Fastest Refunds
The Internal Revenue Service today said that it is ready to process tax year 2017 returns claiming three popular tax benefits recently renewed retroactively into law. The Bipartisan Budget Act, enacted on Feb. 9, renewed for tax year 2017 a wide...
AICPA Requests Guidance from IRS on Revised Section 199A
The American Institute of CPAs has requested immediate guidance from the IRS and Treasury Department on the deduction for qualified business income of pass-through entities. This new section of the Internal Revenue Code was created in the...
FASB Improves Income Tax Accounting Related to the Tax Cuts and Jobs Act
The FASB has issued an Accounting Standards Update that helps organizations address certain stranded income tax effects in accumulated other comprehensive income (AOCI) resulting from the Tax Cuts and Jobs Act.
Organizations Mixed About Sharing Tax Benefits with Employees
Organizations are almost evenly split about whether or not they have or may increase pay and benefits for employees in reaction to the new tax reform law, according to a new survey from executive compensation consultancy Pearl Meyer.
Interest on Home Equity Loans Often Still Deductible Under New Law
The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite...
Bipartisan Budget Act contains several tax provisions
Early Friday morning, the Bipartisan Budget Act of 2018, H.R.1892, passed the Senate by a vote of 71–28 and the House of Representatives, 240–186. President Donald Trump signed the bill later in the day.
IRS proposes to remove 298 regulations
The IRS proposed to remove 298 regulations that it says have no current or future application to the Internal Revenue Code and therefore no longer provide useful guidance. REG-132197-17, proposing to remove these rules, was issued Tuesday in...
CT, NY and NJ to Sue Feds Over GOP's Tax Overhaul Plan
Connecticut, New Jersey and New York are planning to sue the federal government over the Republican-led federal tax overhaul. Democratic governors Andrew Cuomo, of New York, Dannel Malloy, of Connecticut and Phil Murphy, of New Jersey,...
Three things more important than tax reform in 2018
Your phone’s already ringing. Clients want to know how the new tax law will impact them. This is understandable, but don’t worry if you aren’t ready to answer their questions just yet It’s a big law and the IRS has yet to provide even the most...

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