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.
Individual income taxation
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.
A state exchange's failure to revise the couple's health insurance advance premium subsidy was not grounds to avoid its repayment.
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.
The version of the tax reform bill passed by the Senate Finance Committee holds several more changes affecting both individuals and businesses.
The U.S. House of Representatives passed its tax reform bill, on a 227–205 vote.
The revised chairman’s mark of the Senate tax reform bill contains many significant changes to the proposed legislation.
Tax reform expert Tony Nitti discusses the latest developments affecting CPAs.
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.
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.
Tax preparers must reckon with not only transfers for property but also for other virtual currencies.
This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.
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.
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.
This article helps CPAs familiarize themselves with the rules surrounding inherited IRAs and the best ways to deal with these accounts.
Employers must follow complex rules to exclude employee discounts from taxable income.
The Tax Court holds the taxpayer's election was untimely.
The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.
The Tax Court refuses to invalidate a separate return filed by the taxpayer's allegedly mentally ill wife.
A married couple's interest in their retirement plan was not an asset for purposes of the COD insolvency test.