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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.
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.