The AICPA and the ongoing tax reform process
In this Q&A, AICPA policy experts discuss wide-ranging implementation challenges and members’ role in advocating for guidance and technical corrections.
Individual income taxation
COD income not includible due to lack of a bona fide debt
A taxpayer established that she never intended to be the primary obligor on the loan.
Congress enacts tax reform
Congress enacted tax reform legislation in December that will affect all taxpayers. Changes include new tax rates, modified credits and deductions, and a host of other amendments.
IRS issues more guidance on withholding rules for new tax law
The IRS issued Notice 2018-14 to provide more guidance on the withholding rules that were changed by P.L. 115-97, known as the Tax Cuts and Jobs Act.
New tax withholding tables are issued
The IRS issued new tax withholding tables for 2018 to be used to implement the changes to the tax law enacted last month.
Charting a new tax season
With fewer new regulations and laws to reckon with, CPAs may find the 2018 tax season a good time to review their own procedures. Plus: Our annual quick guide, a PDF tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
IRS updates special per-diem rates for business travel
New rates are in effect through September 2018.
Erroneously claimed single status does not foreclose switching to a joint return
The definition of a 'separate return' subject to a Sec. 6013(b) election and its limitations extends only to married-filing-separately status, the Tax Court holds.
What the tax reform bill means for individuals
The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.
Congress passes tax reform
The House of Representatives reapproved tax reform legislation on Wednesday, sending the bill to President Donald Trump for his signature.
Senate passes tax reform bill; House must revote
The Senate voted early today in favor of the Tax Cuts and Jobs Act, H.R. 1, which the House of Representatives had approved Tuesday.
IRS issues 2018 standard mileage rates
The IRS issued the standard mileage rates for business, medical and moving expenses incurred in 2018.
A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!
In anticipation of the possible elimination or reduction of the state and local income tax deduction, some are suggesting that taxpayers should prepay their 2018 state taxes in 2017. Here’s why that probably won’t work.
Senate passes tax reform bill
In the early hours of Saturday morning, the U.S. Senate passed its version of the Tax Cuts and Jobs Act bill by a vote of 51–49.
Timing of a deemed distribution from loan default is upheld
The taxpayer is unable to persuade the Tax Court that the grace period on a loan from his Sec. 401(k) plan extended into the next tax year.
Couple must repay advance premium tax credit
A state exchange's failure to revise the couple's health insurance advance premium subsidy was not grounds to avoid its repayment.
Social Security Administration announces small increase in 2018 wage base
The Social Security Administration said that the maximum amount of wages subject to the 6.2% Social Security tax in 2018 will rise a little more than 1%, after a much larger increase last year.
Senate tax reform bill contains more changes
The version of the tax reform bill passed by the Senate Finance Committee holds several more changes affecting both individuals and businesses.
House passes tax reform bill
The U.S. House of Representatives passed its tax reform bill, on a 227–205 vote.
Senate Finance Committee modifies tax reform proposal
The revised chairman’s mark of the Senate tax reform bill contains many significant changes to the proposed legislation.
