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Tax Reform

Major tax reform was approved by Congress in the Tax Cuts and Jobs Act (TCJA) on December 22, 2017. The IRS is working on implementing this major tax legislation that will affect both individuals and businesses. We will provide information and guidance to taxpayers, businesses and the tax community as it becomes available. Check this page for updates and resources.

IRS News Releases, Fact Sheets & Statements

Tax bill this year? Check withholding soon, avoid another one next year

Tax reform allows people with disabilities to put more money into ABLE accounts, expands eligibility for Saver’s Credit

IRS reminder: Second estimated tax payment due June 15; form, publication can help people pay the right amount following law changes

More than 2 million ITINs to expire this year; Renew soon to avoid refund delays

For new tax on some private colleges, stepped-up basis may apply to property sold at a gain; new basis rule may limit tax impact

IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings

Law change affects moving, mileage and travel expenses

New law gives individuals and businesses more time to challenge a wrongful IRS levy; newly-revised publication can help

 

Two-income families, taxpayers working multiple jobs should check withholding amount

IRS issues notice on state and local tax deductions

Taxpayers who usually itemize deductions should check their withholding to avoid tax surprises

Seasonal, Part-year Workers Urged to Check Tax Withholding Amount

IRS highlights sharing economy tax center, other resources during National Small Business Week 

For Small Business Week, IRS highlights key business tax topics

IRS grants relief for taxpayers affected by reduction of maximum deductible Health Savings Account contributions

IRS describes new tax reform information reporting requirements for certain life insurance contract transactions and provides transitional guidance delaying reporting until final regulations are issued

New rules and limitations for depreciation and expensing under the Tax Cuts and Jobs Act

Many corporations will pay a blended federal income tax this year under the new tax reform law 

Combat zone tax benefits now available to Armed Forces members who served in the Sinai Peninsula; IRS accepting retroactive tax refund claims back to 2015

Inflation Adjustments Under Recently Enacted Tax Law

Newly-revised estimated tax form and publication can help people pay the right amount

IRS issues guidance on business interest expense limitations

IRS Issues Guidance on Withholding on the Transfer of Partnership Interests by Foreign Persons

IRS urges ‘Paycheck Checkup’ for key groups; tax withholding may need adjustment

IRS Issues Additional Guidance on Transition Tax on Foreign Earnings

IRS encourages ‘Paycheck Checkup’ for taxpayers to check their withholding; special week focuses on changes

IRS provides additional details on section 965, transition tax; Deadlines approach for some 2017 filers

IRS Plans to Issue Regulations Clarifying Limitations on Carried Interest

Interest on Home Equity Loans Often Still Deductible Under New Law

IRS Issues Guidance on Changes in Accounting Periods Related to the Transition Tax

IRS Announces 2018 Pension Plan Limitations Not Affected by Tax Cuts and Jobs Act of 2017

Tax Issues for Alaska Native American Corporations and Alaska Native Settlement Trusts

IRS Issues Additional Guidance on Transition Tax on Foreign Earnings

Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February

IRS Issues Guidance on Transition Tax on Foreign Earnings

IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017

IRS Statements: Withholding for 2018

Individuals

Tax Withholding

Steps to Take Now to Get a Jump on Next Year’s Taxes

Filing a Wrongful Levy Claim

Exemption for Amounts Paid for Aircraft Management Services

What’s New – Estate and Gift Tax

Businesses

Rehabilitation Credit

Employer Update

New Deduction for Qualified Businesses

Effect of Sequestration on the Alternative Minimum Tax Credit for Corporations

Settlement of Attorney’s Fees Related to Sexual Harassment

Tax Exempt

Repeal of Authority to Issue New Clean Renewable Energy Bonds

Government Entities

ABLE Accounts - Tax Benefit for People with Disabilities

State Legislators: Tax Reform Eliminates Deduction for Travel Expenses

 

 

News & Publications

Refund Transfer Facebook cover photo 201
Refund Transfer Facebook cover photo 201

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