This article is the first of two parts of an annual update on developments in trust, estate, and gift taxation. Part 1 discusses developments affecting trusts and the generation-skipping transfer tax, as well as inflation adjustments.
This annual survey shows how CPAs rate the tax preparation software they used during last tax season and how it handled the recent tax law changes.
TAX REFORM
Traps for the unwary: Tax Cuts and Jobs Act changes
By now many of us are familiar with the various provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. Here is a list of changes together with (perhaps) unexpected nuances.
DEDUCTIONS
Qualified business income deduction regs. and other guidance issued
The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.