How the suspension of personal exemptions affects health-care-related provisions
IRS guidance clarifies what it means to claim a personal exemption deduction.
Individuals
Meals continue to be deductible under new IRS guidance
The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.
IRS issues 2018–2019 per-diem rates
The IRS issued its annual update of the special per-diem rates for business travel away from home from Oct. 1, 2018, through Sept. 30, 2019.
Deemed personal exemption amount introduced for various tax benefits
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
Qualified business income deduction regs. proposed
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
Final rules govern adequate substantiation for charitable contributions
Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.
States sue over state and local tax deduction cap
Four states have sued in U.S. district court, asking to invalidate the $10,000 limit on the deduction for state and local taxes enacted as part of last year’s tax overhaul.
AICPA: 2019 Form W-4 needs to be simplified
The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.
Form 1040 to be shorter but with more schedules
The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.
Draft 2019 Form W-4 and instructions posted
The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.
IRS issues HSA contribution limits for 2019
The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.
IRS gives taxpayers relief from erroneous HSA contributions
The IRS announced it will allow taxpayers to treat $6,900 as the 2018 limit for deductible contributions to HSAs for individuals with family coverage.
The Sec. 199A qualified business income deduction and fiscal years
Taxpayers who receive income from fiscal-year passthrough entities need guidance on when to claim the new Sec. 199A deduction for qualified business income.
IRS releases updated withholding calculator and 2018 Form W-4
The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.
Bipartisan Budget Act contains several tax provisions
The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.
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.
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.
