2017 Tax Reform: Latest changes to the Senate-passed “Tax Cuts and Jobs Act”
On December 2, the Senate, by a vote of 51 to 49, passed the “Tax Cuts and Jobs Act” (the …
Social Security wage base increases to $128,700 for 2018
The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2018 will …
What’s New on the 2017 draft Form 1040 and related forms and schedules–Part II
IRS has released on its website a number of draft tax forms and instructions for the 2017 tax year, including …
What’s New on the 2017 draft Form 1040 and related forms and schedules–Part I
IRS has released on its website a number of draft tax forms and instructions for the 2017 tax year, including …
IRS explains PATH Act changes to expensing and bonus and Indian property depreciation
IRS has issued a Revenue Procedure which provides guidance with respect to the Protecting Americans for Tax Hikes Act of …
IRS initiates pilot program for auditing farmers’ Form 1040, Schedule F expenses
IRS’s Small Business/Self-Employed Division (SB/SE) has issued an internal memorandum that explains a pilot program for auditing expenses taken on …
IRS continuing to expand W-2 verification code program
During last week’s IRS payroll conference telephone call, IRS provided further information on its plans to expand the W-2 Verification …
New procedures for obtaining or renewing Individual Taxpayer Identification Numbers (ITINs)
Notice 2016-48, 2016-33 IRB; IR 2016-100 In a notice and a news release, IRS has explained how it will implement …
Social Security wage base could increase to $126,000 for 2017
2016 Annual Report Of The Board Of Trustees Of The Federal Old-Age And Survivors Insurance And Federal Disability Insurance Trust …
Strategies for dealing with the kiddie tax—Part I
The “kiddie tax,” i.e., the Code Sec. 1(g) provision that taxes unearned income of certain children as if it were …