Key 2019 individual tax items as calculated by Thomson Reuters Checkpoint based on inflation data
The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases. These adjustments …
IRS reminds taxpayers that extended individual return Oct. 15 filing deadline is approaching
IR 2018-194, 10/2/2018 IRS has cautioned the approximately 14 million taxpayers who requested an automatic 6-month extension to file their …
Average bronze coverage premium for shared responsibility payment increases for 2018
Rev Proc 2018-43, 2018-36 IRB In a Revenue Procedure, IRS has provided the 2018 monthly national average premium for qualified …
New IRS guidance on 529 plan recontributions, rollovers and qualified expenses
Notice 2018-58, 2018-33 IRB; IR 2018-156, 7/30/2018 In a Notice and accompanying Information Release, IRS has issued guidance, and announced its …
Final charitable contribution substantiation/reporting regs include variety of new rules
T.D. 9836, 7/27/2018; Reg § 1.170A-1, Reg § 1.170A-14, Reg § 1.170A-15, Reg § 1.170A-16, Reg § 1.170A-17, Reg § 1.170A-18, Reg § 1.664-1, Reg § 1.6050L-1 T.D. …
No “gross up” where employer pays taxes on prior year’s unreported income to employee
Program Manager Technical Advice 2018-015 In Program Manager Technical Advice (PMTA), IRS has determined that an employer’s payment of taxes …
2018 draft Form 1040 reduced to “postcard” size but requires more schedules
The new draft version of the 2018 Form 1040, obtained by Thomson Reuters Checkpoint from congressional staff, is markedly different …
Fri., June 29 is deadline for hurricane, tropical storm victims’ returns
IR 2018-142, 6/26/2018 IRS has issued a reminder that Friday, June 29, 2018 is the deadline for filing a 2017 …
CRS considers effects of eliminating inflation when taxing capital gains
The Congressional Research Service (CRS) has issued a report that analyzes various issues regarding modifying the taxation of capital gains …
What’s new for 2018: Game-changing tax overhaul in place for individuals—Part II
The new tax year is a true game-changer for taxpayers and their advisers, as many fundamental, decades-old tax rules have …