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Quickfinder Updates

The Updates page provides information supplementing that in the Quickfinder Handbooks. Updates are arranged by publication, or by development type for broader developments that may impact multiple publications (such as tax legislation or late-breaking developments impacting 2017 returns). We invite you to visit this page regularly to view the most recent updates. For continued coverage of tax developments throughout the year, we recommend the Quickfinder Tax Tips Newsletter.

1040 Quickfinder Handbook (2017 Tax Year)

  • [3/13/18] 2018 Revised IRS Inflation-adjusted and Other Amounts
    • The IRS has issued revised 2018 amounts for previously released inflation-adjusted and other amounts to reflect adjustments required by the Tax Cuts and Jobs Act (TCJA). See the post in the Updates page section Late-breaking Developments Impacting 2017 Returns for more information including a link to an updated Quickfinder Quick Facts Data Sheet.
  • [2/21/18] Medicare Part B Premiums (2018) table. (Page 14-28)
    • In the “Single, HOH, QW” column, the amounts $135,500 and $135,501 should be $133,500 and $133,501, respectively. Click here for the edited page.
  • [2/15/18] Bipartisan Budget Act of 2018 (P.L. 115-123)
    • See the Tax Legislation section of this page for Act provisions that impact certain taxpayers for the 2017 tax year.
  • [1/29/18] 2017 State and Local Sales Tax Deduction (Page 3-13)
    • The IRS has released the state and local sales tax deduction worksheet and the accompanying tables for computing the deduction, which were not available at the time of publication. For the worksheet and tables, click here.
  • [1/17/18] Tax Cuts and Jobs Act — Handbook Supplement
    • The Tax Cuts and Jobs Act was enacted on December 22, 2017, which was after the 1040 Quickfinder Handbook was printed. Although the Act primarily impacts tax years after 2017, a few provisions impact the preparation of 2017 income tax returns. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. The packet also contains additional items that were not available at the time of publication. Click here for the packet (binder owners, see below).

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for a packet of replacement pages for your handbook.

All States Quickfinder Handbook (2017 Tax Year)

  • [3/28/2018] State Conformity to New Tax Acts—Handbook Supplement
    • Most states conform to the provisions of the Internal Revenue Code (IRC). States achieve this either by automatically applying the changes to their state tax code as they occur or by conforming to the IRC as of a fixed date. Some states decouple from IRC provisions adjusting their state tax code to better fund their revenue needs. Click here for a summary of how each state conforms to federal tax law changes affecting individual taxpayers included in the 2017 Disaster Relief Act, the 2017 Tax Cuts and Jobs Act and the 2018 Budget Act.

Depreciation Quickfinder Handbook (2017 Tax Year)

  • [2/15/18] Bipartisan Budget Act of 2018 (P.L. 115-123)
    • See the Tax Legislation section of this page for Act provisions that impact certain taxpayers for the 2017 tax year.
  • [1/17/18] Tax Cuts and Jobs Act — Handbook Supplement
    • The Tax Cuts and Jobs Act was enacted on December 22, 2017, which was after the Depreciation Quickfinder Handbook was printed. Although the Act primarily impacts tax years after 2017, a few provisions impact the preparation of 2017 income tax returns. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

Health Care Reform Quickfinder Handbook (2018 Edition)

  • [1/17/18] December 2017 Legislation – Handbook Supplement
    • The Tax Cuts and Jobs Act was signed into law on December 22, 2017, which was after the Health Care Reform Quickfinder Handbook was published. Final form instructions and new IRS guidance in IRS Notices 2017-74 and 2018-6 were also released after the publication of the Handbook. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

Individuals—Special Tax Situations Quickfinder Handbook (2017 Tax Year)

  • [2/15/18] Bipartisan Budget Act of 2018 (P.L. 115-123)
    • See the Tax Legislation section of this page for Act provisions that impact certain taxpayers for the 2017 tax year.
  • [1/17/18] Tax Cuts and Jobs Act — Handbook Supplement
    • The Tax Cuts and Jobs Act was enacted on December 22, 2017, which was after the Individuals—Special Tax Situations Quickfinder Handbook was printed. Although the Act primarily impacts tax years after 2017, a few provisions impact the preparation of 2017 income tax returns. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet.

IRA and Retirement Plan Quickfinder Handbook (2017 Edition)

  • [8/9/17] Required Minimum Distribution Rules for Roth IRAs (Page 2-9)
    • The first sentence of the Observation inadvertently omitted the word “not.” The sentence should read: “Thus, failing to begin RMDs within one year of the Roth IRA owner’s death does not prevent the beneficiary from utilizing the life expectancy rule.” Click here for the edited page.

Premium Quickfinder Handbook (2017 Tax Year)

  • [3/13/18] 2018 Revised IRS Inflation-adjusted and Other Amounts
    • The IRS has issued revised 2018 amounts for previously released inflation-adjusted and other amounts to reflect adjustments required by the Tax Cuts and Jobs Act (TCJA).  See the post in the Updates page section Late-breaking Developments Impacting 2017 Returns for more information including a link to an updated Quickfinder Quick Facts Data Sheet.
  • [2/21/18] Medicare Part B Premiums (2018) table. (Page 14-28)
    • In the “Single, HOH, QW” column, the amounts $135,500 and $135,501 should be $133,500 and $133,501, respectively. Click here for the edited page.
  • [2/15/18] Bipartisan Budget Act of 2018 (P.L. 115-123)
    • See the Tax Legislation section of this page for Act provisions that impact certain taxpayers for the 2017 tax year.
  • [1/31/18] Principal Business Activity Codes — Forms 1065, 1120 and 1120S (Page 15-1)
  • [1/29/18] 2017 State and Local Sales Tax Deduction (Page 3-13)
    • The IRS has released the state and local sales tax deduction worksheet and the accompanying tables for computing the deduction, which were not available at the time of publication. For the worksheet and tables, click here.
  • [1/23/18] Where to File: Business Returns Filing Addresses — 2017 Returns (Page 15-1)
    • For the Quickfinder table showing filing addresses for 2017 business tax returns, click here.
  • [1/23/18] 2018 Federal Withholding Computation — Quick Tax Method (Page 23-1)
    • For the Quickfinder worksheet and Quick Tax Method tables for use in computing 2018 federal income tax withholding, click here.
  • [1/18/18] Tax Cuts and Jobs Act — Handbook Supplement
    • The Tax Cuts and Jobs Act was enacted on December 22, 2017, which was after the Premium Quickfinder Handbook was printed. Although the Act primarily impacts tax years after 2017, a few provisions impact the preparation of 2017 income tax returns. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. The packet also contains additional items that were not available at the time of publication. Click here for the packet (binder owners, see below).

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for a packet of replacement pages for your handbook.

Quickfinder Annual Tax Update (2017 Edition)

  • [2/15/18] Bipartisan Budget Act of 2018 (P.L. 115-123)
    • See the Tax Legislation section of this page for Act provisions that impact certain taxpayers for the 2017 tax year.

Quickfinder Tax Tables for Business Returns (2017 Tax Year)

  • [1/17/18] Tax Cuts and Jobs Act — Handbook Supplement
    • The Tax Cuts and Jobs Act was enacted on December 22, 2017, which was after the Quickfinder Tax Tables for Business Returns was printed. Therefore, a packet containing a “marked-up” redline change to the affected page in your product is available. Click here for the packet.

Quickfinder Tax Tables for Individual Returns (2017 Tax Year)

  • [1/17/18] Tax Cuts and Jobs Act — Handbook Supplement
    • The Tax Cuts and Jobs Act was enacted on December 22, 2017, which was after the Quickfinder Tax Tables for Individual Returns was printed. Other guidance was also issued after the product was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your product is available. Click here for the packet.

Small Business Quickfinder Handbook (2017 Tax Year)

  • [3/13/18] 2018 Revised IRS Inflation-adjusted and Other Amounts
    • The IRS has issued revised 2018 amounts for previously released inflation-adjusted and other amounts to reflect adjustments required by the Tax Cuts and Jobs Act (TCJA). See the post in the Updates page section Late-breaking Developments Impacting 2017 Returns for more information including a link to an updated Quickfinder Quick Facts Data Sheet.
  • [2/15/18] Bipartisan Budget Act of 2018 (P.L. 115-123)
    • See the Tax Legislation section of this page for Act provisions that impact certain taxpayers for the 2017 tax year.
  • [1/31/18] Principal Business Activity Codes — Forms 1065, 1120 and 1120S (Page A-1)
  • [1/23/18] Where to File: Business Returns Filing Addresses — 2017 Returns (Page A-1)
    • For the Quickfinder table showing filing addresses for 2017 business tax returns, click here.
  • [1/23/18] 2018 Federal Withholding Computation — Quick Tax Method (Page I-1)
    • For the Quickfinder worksheet and Quick Tax Method tables for use in computing 2018 federal income tax withholding, click here.
  • [1/17/18] Tax Cuts and Jobs Act — Handbook Supplement
    • The Tax Cuts and Jobs Act was enacted on December 22, 2017, which was after the Small Business Quickfinder Handbook was printed. Although the Act primarily impacts tax years after 2017, a few provisions impact the preparation of 2017 income tax returns. Other guidance was also issued after the handbook was printed. Therefore, a packet containing “marked-up” redline changes to the affected pages in your handbook is available. Click here for the packet (binder owners, see below).

      Binder/loose-leaf handbook owners: If you purchased the 3-ring binder/loose-leaf version of the handbook and have access to a duplex (two-sided) printer, click here for a packet of replacement pages for your handbook.

Tax Legislation

  • [2/15/18] Bipartisan Budget Act of 2018 (P.L. 115-123)
    • The Bipartisan Budget Act of 2018 was enacted on February 9, 2018. The law’s primary purpose was related to spending and the budget of the United States government. However, it also included the following tax provisions:
      • Extension of expired tax provisions. The Act extended for one year a number of individual and business tax provisions that expired at the end of 2016 (Act Secs. 40001–40416). Click here for a Quickfinder table summarizing the key extended tax provisions.
      • Modification to declaration date for Hurricanes Harvey and Irma disaster areas. The ending date by which these disaster areas must have been declared as such by the President is extended to “before October 17, 2017” rather than “before September 21, 2017” (Act Sec. 20201). Click here to see the redline revision to make on the indicated page of the following Quickfinder products: Page 17-1 of the 1040 Quickfinder Handbook, Page Q-1 of the Small Business Quickfinder Handbook, Page 25-1 of the Premium Quickfinder Handbook, Page 4-20 of the Individuals—Special Tax Situations Quickfinder Handbook or Page 1-3 of the Quickfinder Annual Tax Update.
      • Tax relief for victims of California wildfires. The Act generally provides the same tax relief to victims of the California wildfires that hurricane victims received under the Disaster Tax Relief Act of 2017 (Act Secs. 20101–20104). Click here for a summary of the provisions.
      • Form 1040SR for seniors. Beginning with tax year 2019, the IRS will make a new income tax return, Form 1040SR, available to certain taxpayers age 65 or older. The form will be as similar as practical to Form 1040EZ. (Act Sec. 41106)
      • Hardship withdrawals from employer retirement plans. The Act eases the rules related to hardship distributions from retirement plans by removing the 6-month prohibition on plan contributions following a hardship withdrawal, not requiring that the participant first take a loan and expanding the types of plan contributions eligible for hardship distributions. The changes will be effective for plan years beginning in 2019. (Act Secs. 41113 and 41114)
      • Excise tax on investment income of private colleges and universities. The Act clarifies that the new 1.4% excise tax on net investment income applies to private colleges and universities that have at least 500 tuition-paying students and more than 50% of the tuition-paying students are located in the U.S. (Act Sec. 41109)
  • [1/17/18] Tax Cuts and Jobs Act (Public Law 115-97)
    • The Tax Cuts and Jobs Act (TCJA) was enacted on December 22, 2017. Hailed as the largest major tax reform in over three decades, the TCJA contains a host of tax provisions that impact individuals and businesses. With a few exceptions, the provisions of the TCJA first affect 2018 tax returns.

      Staying true to the Quickfinder tradition of providing often-needed reference information in a concise, easy-to-use format, we’ve created tables that summarize key TCJA tax provisions applicable to most individuals and small businesses.

      Click here for the Quickfinder tables summarizing the key tax provisions of the TCJA.

Tax Planning for Individuals Quickfinder Handbook (2018 Edition)

  • [5/2/18] 2018 Health Savings Account (HSA) Contribution for Family Coverage (Front cover, pages 1-2, 4-24 and 4-25)
    • Following the Tax Cuts and Jobs Act (TCJA), the 2018 maximum deductible HSA contribution for taxpayers with family coverage was reduced from the previously-announced $6,900 to $6,850, due to a change in the way inflation-adjustments are now computed. In Rev. Proc. 2018-27, however, the IRS announced that for 2018 taxpayers may use the $6,900 amount previously announced. The Revenue Procedure also instructs taxpayers on how to treat a prior distribution based on the $6,850 deduction limit as a mistake and repay the HSA without any tax or reporting consequences, and clarifies how to treat a distribution of an excess contribution (and earnings) based on the $6,850 deduction limit. Click on the following link for the text of Rev. Proc. 2018-27.
  • [5/2/18] 2018 Vehicle Depreciation Limits and Lease Income Inclusion Table (Pages 4-5, 4-6 and 4-7)
    • The IRS released the Section 280F depreciation deduction limits for owners of passenger automobiles first placed in service during 2018; and lease inclusion amounts for lessees of passenger autos first leased in 2018. The depreciation limit for passenger automobiles acquired after September 27, 2017 and placed in service during 2018 is $10,000 for the first year or $18,000 with bonus depreciation. For passenger automobiles acquired before September 28, 2017 and placed in service during calendar year 2018,  the depreciation limit for the first year is $16,400 with bonus depreciation or $10,000 without bonus depreciation. For 2018, the term “passenger automobiles” includes trucks and vans. Click on the following link for the text of Rev. Proc. 2018-25.

Late-breaking Developments Impacting 2017 Returns*

*Developments occurring after publication of handbooks but impacting 2017 returns

  • [3/13/18] 2018 Revised IRS Inflation-adjusted and Other Amounts
    • The IRS has issued revised 2018 amounts for previously released inflation-adjusted and other amounts to reflect adjustments required by the Tax Cuts and Jobs Act (TCJA). Under the TCJA, amounts that were previously indexed using the Consumer Price Index for All Urban Consumers (CPI-U) are required to be indexed using the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for tax years beginning after 12/31/17. Revised 2018 amounts include the adoption exclusion and phase out amounts, the maximum annual HSA contribution for family coverage, the foreign earned income exclusion, and various penalty amounts. Rev. Proc. 2017-58 is partially modified and superseded, and Rev. Proc. 2017-37 is superseded. (Rev. Proc. 2018-18, 2018-10 IRB 392)

      Click here for Rev. Proc. 2018-18.

      Click here for an updated Quickfinder Quick Facts Data Sheet.
  • [1/17/18] Recent Developments Roundup
    • 2018 Standard Mileage Rates. Beginning on 1/1/18, the standard mileage rates for cars, vans, pickups and panel trucks will be 54.5 cents per mile for business miles, 18 cents per mile for medical or moving purposes and 14 cents per mile for charitable purposes. The business expense rate and the medical and moving expense rate each increased one cent per mile from the 2017 rates. The charitable rate is set by law and remains unchanged from last year’s rate. The portion of the business standard mileage rate treated as depreciation is 22 cents per mile for 2014, 24 cents per mile for 2015 and 2016, and 25 cents per mile for 2017 and 2018. When computing the allowance under a Fixed and Variable Rate (FAVR) plan, the standard vehicle cost cannot exceed $27,300 for autos or $31,000 for trucks and vans. (IRS Notice 2018-3)
    • 2018 Tax Filing Season to Begin January 29. In a News Release, the IRS announced that the 2018 tax filing season will begin on Monday, 1/29/18, which means that electronic and paper returns will be accepted beginning on that day. However, the IRS will begin processing paper returns in mid-February as its systems continue to update. Also, refunds on returns claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) cannot be issued before mid-February [IRC Sec. 6402(m)]. The IRS expects the earliest EITC/ACTC related refunds to be available starting on 2/27/18 (if direct deposit is chosen and there are no other issues with the return). Tax returns are due on April 17 because of a weekend and the Emancipation Day holiday. (News Release IR-2018-1)
    • Employers and Providers Allowed Extension for Providing Health Coverage Forms to Individuals. The IRS has announced a 30-day automatic extension of the due date for providing 2017 health coverage information reporting forms to individuals. Insurers, self-insured employers, certain other coverage providers and applicable large employers will have until 3/2/18, rather than 1/31/18, to issue 2017 Form 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage) to individuals. The good-faith transition relief provided from penalties under IRC Secs. 6721 and 6722 is also extended to the 2017 information reporting requirements. The notice does not extend the due date for employers and providers to file 2017 Form 1094-B, Form 1095-B, Form 1094-C or Form 1095-C with the IRS. The due date for these forms remains 2/28/18, or 4/2/18 if filing electronically. (IRS Notice 2018-6)
    • Leave-based Donation Programs for California Wildfires. Leave-based donation programs allow employees to elect to forgo vacation, sick or personal leave in exchange for employer contributions to charitable organizations. In a Notice, the IRS announced that cash payments made by an employer under a leave-based donation program will not constitute employee wages if they are paid before 1/1/19 to Section 170(c) organizations for the relief of 2017 California wildfire victims. In addition, the IRS will not assert that the opportunity to participate in a leave-based donation program results in constructive receipt of gross income or employee wages. Leave-sharing donations don’t need to be included in Box 1, 3 or 5 of Form W-2, and employers may deduct the payments as ordinary and necessary business expenses under IRC Sec. 162 rather than IRC Sec. 170. Similar relief was provided to certain victims of 2017 hurricanes. (IRS Notice 2017-70)
    • Safe Harbors for Determining Casualty and Theft Losses. In a set of Revenue Procedures, the IRS has provided safe harbor methods that taxpayers may use in determining the amount of their casualty and theft losses for their homes and personal belongings. Rev. Proc. 2018-8 offers four safe harbor methods that apply to any qualifying casualty or theft loss, as well as three methods that apply only to losses occurring as a result of a federally declared disaster. Rev. Proc. 2018-9 provides a safe harbor method that allows a homeowner to use one or more cost indexes to determine the amount of a home loss due to Hurricane Harvey, Irma or Maria (2017 Hurricanes). The safe harbors outlined in Rev. Proc. 2018-8 are effective on 12/13/17. The method detailed in Rev. Proc. 2018-9 is effective for losses attributable to a 2017 Hurricane and that arose in the 2017 disaster area after 8/22/17. (News Release IR-2017-202; Rev. Procs. 2018-8 and 2018-9)