Individual income taxation

TOPICS / TAX

January 29, 2018

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.

January 11, 2018

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.

January 4, 2018

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.

January 1, 2018

IRS updates special per-diem rates for business travel

New rates are in effect through September 2018.

January 1, 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.

December 20, 2017

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.

December 20, 2017

Congress passes tax reform

The House of Representatives reapproved tax reform legislation on Wednesday, sending the bill to President Donald Trump for his signature.

December 20, 2017

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.

December 14, 2017

IRS issues 2018 standard mileage rates

The IRS issued the standard mileage rates for business, medical and moving expenses incurred in 2018.

December 14, 2017

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.

December 2, 2017

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.

December 1, 2017

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.

December 1, 2017

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.

November 27, 2017

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.

November 17, 2017

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.

November 16, 2017

House passes tax reform bill

The U.S. House of Representatives passed its tax reform bill, on a 227–205 vote.

November 15, 2017

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.

November 10, 2017

Tax reform: What CPAs need to know about the latest developments

Tax reform expert Tony Nitti discusses the latest developments affecting CPAs.

November 3, 2017

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.

November 2, 2017

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.