Individual Income Taxation

Basis issues in cryptocurrency

For investors, cryptocurrency will be regarded as a capital asset, so a key component of correctly determining the tax treatment of a cryptocurrency investment will be establishing its basis.

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.

Newsletter Articles

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

DEDUCTIONS

Understanding the new Sec. 199A business income deduction

The new deduction allows certain business owners to keep pace with the significant corporate tax cut provided by the Tax Cuts and Jobs Act.