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The Treasury Department and the Internal Revenue Service have published final rules limiting the ability of residents of states with higher tax rates to use charitable contributions to offset caps on tax deductions for state and local taxes. The regulations restrict use of donation and tax-credit programs, including those created before Congress passed caps on state and local tax deductions. Continue Reading
Married taxpayers often are subject to a "marriage tax penalty," paying more in federal income tax than they would if they were unmarried. Find out the state of the marriage tax penalty after changes made by the law known as the Tax Cuts and Jobs Act. Continue Reading
The Internal Revenue Service has issued a draft of the 2020 Form W-4, Employee's Withholding Allowance Certificate (PDF), that will make accurate withholding easier for employees starting next year. Continue Reading
Combining trades or businesses that would otherwise be treated as separate for purposes of calculating the qualified business income deduction can lead to a larger deduction. Find out how to qualify. Continue Reading
The Tax Cuts and Jobs Act fixed some parts of the problem, and exacerbated others Continue Reading
Four days before the filing deadline, the IRS quietly added 21 questions to its website page of frequently asked questions about issues related to Section 199A, the new 20 percent deduction for pass-through businesses. Continue Reading
Here is a review of Internal Revenue Service guidance related to obligations that may arise under Sec. 965, which was enacted as part of the Tax Cuts and Jobs Act. Continue Reading
The IRS announced the expansion of areas for issuing determination letters for certain retirement plans. Continue Reading
Taxpayers should carefully review the new questions and answers when calculating their 2018 and 2019 estimated tax payments. Taxpayers with Sec. 965 liabilities should also ensure that first quarter 2019 estimated tax payments are made separately and specifically applied to tax year 2019. Continue Reading
If you're still licking your battle wounds from this year's tax season, know that you aren't alone. In the AICPA Tax Section's annual post-tax season survey, 90% of respondents indicated this filing season was more challenging than previous years. Continue Reading