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Congress Approves Sweeping Tax Overhaul
Tax Cuts and Jobs Act
2017 Year-End Tax Planning
New Withholding Calculator/Guidance On Carried Interest Expected Soon
The IRS is expected to release a new calculator tool during the week of February 19 so that employees can double-check their withholding, Treasury Secretary Steven Mnuchin told House lawmakers at a Wa...
Previously-Set 2018 COLA Limits For 401(k)/Other Retirement Plans Remain Same Under Tax Cuts And Jobs Act
The IRS has announced that retirement plan dollar limitations for 2018 that were previously announced last October in IR-2017-177 and Notice 2017-64 will not change despite the new inflation-adjustmen...
Safe Harbor Casualty Loss Procedure For Residences With Deteriorating Concrete Foundations Modified
The IRS has modified the casualty loss safe harbor in Rev. Proc. 2017-60. The safe harbor applies to individuals whose personal residence has a deteriorating concrete foundation containing the mineral...
IRS Issues New Form For Social Welfare Organization Applications
The IRS has issued a new form to be used by organizations applying for tax-exempt status under Code Sec. 501(c)(4): Form 1024-A, Application for Recognition of Exemption Under Section 501(c)(4) of the...
Corrections To Form 1095-A May Require Amended Returns
Taxpayers who receive corrected 2017 Forms 1095-A, Health Insurance Marketplace Statement, may need to file an amended return, if they have already filed, the IRS has reported. The Service highlighted...
IRS Updates Adequate Disclosure Guidance
The IRS has updated guidance on how to make an adequate disclosure on an income tax return for purposes of reducing or eliminating a substantial understatement penalty and/or an unreasonable position ...
CA - County breached term of sale that required disclosure of contamination
A taxpayer who unknowingly purchased contaminated commercial property at a California property tax sale had a cause of action for breach of contract. Fresno County had conducted the sale and was not i...