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.

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IRS News Releases, Fact Sheets & Statements

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

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

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

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

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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

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

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Law change affects moving, mileage and travel expenses

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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

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IRS issues notice on state and local tax deductions

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

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

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

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For Small Business Week, IRS highlights key business tax topics

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

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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

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

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

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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

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Inflation Adjustments Under Recently Enacted Tax Law

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

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IRS issues guidance on business interest expense limitations

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

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

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IRS Issues Additional Guidance on Transition Tax on Foreign Earnings

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

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

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IRS Plans to Issue Regulations Clarifying Limitations on Carried Interest

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Interest on Home Equity Loans Often Still Deductible Under New Law

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

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

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

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IRS Issues Additional Guidance on Transition Tax on Foreign Earnings

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

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IRS Issues Guidance on Transition Tax on Foreign Earnings

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

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IRS Statements: Withholding for 2018

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Individuals

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Tax Withholding

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

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Filing a Wrongful Levy Claim

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Exemption for Amounts Paid for Aircraft Management Services

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What’s New – Estate and Gift Tax

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Businesses

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Rehabilitation Credit

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Employer Update

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New Deduction for Qualified Businesses

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Effect of Sequestration on the Alternative Minimum Tax Credit for Corporations

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Settlement of Attorney’s Fees Related to Sexual Harassment

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Tax Exempt

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Repeal of Authority to Issue New Clean Renewable Energy Bonds

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Government Entities

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ABLE Accounts - Tax Benefit for People with Disabilities

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State Legislators: Tax Reform Eliminates Deduction for Travel Expenses

 

 

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