Trump Signs IRS Redesign Bill Into Law

President Donald Trump signed into law on July 1 the Taxpayer First Act of 2019, legislation to redesign the Internal Revenue Service. House Ways & Means Committee Chairman Richard Neal, D-Mass., said the signing was “the culmination of a lengthy, bipartisan process undertaken by the Ways and Means Committee to implement pro-taxpayer reforms at the IRS for

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internal revenue service

IRS to Taxpayers: Check Your Tax Withholding

The IRS is reminding taxpayers to check their tax withholding following a tax filing season that resulted in smaller refunds for many. As a result of the 2017 tax cut legislation and IRS changes in tax-withholding tables, most taxpayers took home more money per paycheck last year, but some found that their refunds were smaller or

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us congress

Spurned Lawmakers Press IRS Again on Form 1040 Usability Data

House Ways and Means Committee Chairman Richard Neal, D-Mass., continues to press IRS Commissioner Charles Rettig to answer questions about the usability of the new “postcard” size Form 1040 after the IRS refused to comply with a Feb. 27 deadline. Neal, along with Oversight Subcommittee Chairman John Lewis, D-Ga., recently sent a follow-up letter, reiterating their request

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tax planning file folders

3 Big Tax Changes to Watch Out for in 2019

The 2019 tax filing season will be very different from recent ones for many taxpayers, and not just because of the 2017 tax cut legislation. The law cut marginal tax rates and added some tax credits, but it also eliminated some deductions. 1. Fallout From Tax Law As a result of the 2017 tax legislation

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internal revenue srvice

IRS, Treasury Clarify QBI Tax Deductions

The Treasury Department and Internal Revenue Service’s recently released tax guidance on qualified business income deductions will help advisors “make better decisions for their clients,” according to Leon LaBrecque, an advisor and CPA with Sequoia Financial Group in Troy, Michigan. On Friday, the Treasury and IRS released the following: A set of regulations finalizing proposed regs issued last

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A Tax Tip for Seniors Before Year-End

Except for the permanent corporate tax cut, most provisions in the 2017 tax cut legislation expire after 2025 with one notable exception: the medical expense deduction. Beginning in 2019, the deduction for qualified medical expenses is limited to expenses that exceed 10% of a taxpayer’s adjusted gross income, up from 7.5% for the 2017 and

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Person holding key to house

5 Big Losers of Tax Reform: Year-End Tax Reminder

With 2018 drawing to a close, it’s becoming clearer who are the winners and losers of the Tax Cuts and Jobs Act of 2017. The law, which took effect on January 1, is going to hit some folks hard instead of benefiting them when they go to do their taxes next April. Those who haven’t

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