The Tax Cuts and Jobs Act (HR 1) is now law and the IRS, tax professionals and taxpayers are gearing up to implement the massive overhaul of the Tax Code. For the IRS, one of the most immediate projects is the release of new withholding tables. “With
Read more →House Ways and Means Committee ranking member Richard Neal, D-Mass., has asked the Treasury and the IRS for guidance on the tax code’s new pass-through deduction. In a May 1 letter, Neal asked Treasury Secretary Steven Mnuchin. and Acting IRS Commissioner David Kautter, for clarifying guidance on
Read more →The IRS has urged specific groups of taxpayers to check if the right amount of tax is being withheld from their paychecks following the recently enacted Tax Cuts and Jobs Act. The new law increased the standard deduction, eliminated personal exemptions, increased the Child Tax Credit (CTC),
Read more →The American Bar Association (ABA) Section of Taxation, American Institute of CPAs (AICPA) and the National Society of Accountants (NSA) are urging lawmakers to fully fund the IRS, especially as the Service works to implement the Tax Cuts and Jobs Act. The professional associations highlighted the IRS’s
Read more →The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and signed by President Trump. After a last-minute procedural glitch that required the Senate to vote first on the final bill, the most sweeping change to the U.S. tax code in decades cleared the
Read more →The House Ways and Means Committee advanced to the full House the proposed Tax Cuts and Jobs Act (HR 1) on November 9, 2017. The committee approved, along party lines, a number of amendments to the original bill. The House is expecting to hold a vote on
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