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.
Individual income taxation
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.
Tax reform: What CPAs need to know about the latest developments
Tax reform expert Tony Nitti discusses the latest developments affecting CPAs.
What the House tax bill holds for individuals
From new tax rates to fewer deductions, credits, and exclusions, the tax reform bill released by the House would have wide-ranging effects on the taxation of individuals.
Details of tax reform legislation revealed
The Tax Cuts and Jobs Act released by the House Ways and Means Committee incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details.
Trading virtual currencies
Tax preparers must reckon with not only transfers for property but also for other virtual currencies.
IRS will enforce health coverage reporting on 2017 returns
This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.
Republicans unveil tax reform framework
Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.
IRS updates special per-diem rates for business travel
The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.
How to avoid costly tax traps with inherited IRAs
This article helps CPAs familiarize themselves with the rules surrounding inherited IRAs and the best ways to deal with these accounts.
Employee discount plans
Employers must follow complex rules to exclude employee discounts from taxable income.
Former Marine not entitled to exclude foreign earned income
The Tax Court holds the taxpayer's election was untimely.
