TAXATION



Tax Reform Legislation Takes First Step
 

Tax Reform Legislation Takes First Step

Posted: November 6, 2017
On Nov. 2, the House Ways and Means Committee released draft tax reform legislation. Among other things, The “Tax Cuts and Jobs Act,” H.R. 1, features new tax rates, a lower limit on the deductibility of home mortgage interest, the repeal of most deductions for individuals, and full expensing of depreciable assets by businesses.




Tax Benefits Adjusted for Inflation for 2018
 

Tax Benefits Adjusted for Inflation for 2018

Posted: October 20, 2017
The IRS has announced the tax year 2018 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules and other tax changes.

IRS Will Enforce Health Coverage Reporting on 2017 Returns
 

IRS Will Enforce Health Coverage Reporting on 2017 Returns

Posted: October 16, 2017
The IRS updated its page on health care reporting requirements to inform taxpayers and tax practitioners that it will not accept electronically filed 2017 individual income tax returns unless taxpayers indicate that they and everyone on their return had health care coverage, qualified for an exemption from coverage, or will make a shared-responsibility payment (under Sec. 5000A).


e-Services Scam Alert
 

e-Services Scam Alert

Posted: October 11, 2017
The IRS is warning all e-Services users to beware a new phishing scam that tries to trick tax professionals into “signing” a new e-Services user agreement.