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Archive for the ‘2018 Tax Season’ Category.

IRS issues new tax rate tables, inflation adjustments for 2018

Tax Cuts and Jobs Act required that the inflation adjustments now must be calculated using the chained consumer price index method, updating some of the numbers that were originally announced in Rev. Proc. 2017-58. Of particular interest to US expats are changes to the foreign earned income exclusion – under

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Three Popular Tax Benefits Retroactively Renewed for 2017

Congress and the Senate does it to taxpayers and CPA’s again, with the Bipartisan Budget Act after tax season is well under way, the 2017 tax forms released and finalized – three benefits were renewed on February 22, 2018! The Internal Revenue Service today said that it is ready to

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2018 Tax Filing Season Begins Jan. 29, Tax Returns Due April 17

The IRS announced on January 4, 2018 that the 2018 tax season will begin on Monday January 29, 2018…we are off to the races.  In addition that, the due date of April 15 this year will move to April 17 since April 15 falls on a Sunday and April 16

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Miscellaneous Deductions: Making the Most of Them

As is usual this time of the year the IRS likes to remind us what the 2% Miscellaneous Itemized Deduction is all about, but be careful because as of January 1, 2018 under the H.R. 1, known as the Tax Cuts and Jobs Act it goes away. Making the Most

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What the Tax Bill Means for Individuals

H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20 starting for 2018 will significantly alter the taxation of individuals starting for tax year 2018.  The following article represents an excellent summary of these new changes and how they will affect

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Congress Shuts Down Prepayment of 2018 State Income Taxes

H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20 starting for 2018 capped the State and local taxes deduction (affectionately known as SALT) : for individuals to deduct up to $10,000 ($5,000 for married taxpayers filing separately).  The big question

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Tax Cuts and Jobs Act – Special Report

H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on Dec. 20 starting for 2018 will significantly alter the taxation of individuals starting for tax year 2018.  We have outlined the differences between current law and the conference report.  This table compares the

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In 2018, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Unchanged

As is usual this time of the year the IRS advises the tax practioner community and taxpayers of the upcoming 2018 inflation increases to such items as tax rate brackets, Standard Deductions and Exemptions and applicable phase out ranges for each, IRC Sec 911 Foreign Earned Income Exclusion, IRC Sec

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IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018

As is usual this time of the year the IRS advises the tax practionner commu8nity and taxpayers of the upcoming 2018 Pension Plan limitations as pertains to ORC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA’s, Cat-up’s and Defined Contribution Plans. The Internal Revenue Service  announced cost

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