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Archive for the ‘2018 Tax Season’ Category.

Reminder: Oct. 15 deadline approaching for taxpayers who requested extensions

With the 2018 tax season deadline coming and going on October 15, 2019 taxpayers who reside outside the US may apply for a discretionary additional two month extension to December 16, 2019 under IRC §6081(a) and Regulations §1.6081-1(a). Taxpayers who requested the six-month filing ex...

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For taxpayers living, working outside the U.S., file a return by June 17

Today June 17 is the automatic deadline if you resident outside the US—the IRS reminds taxpayers that if they reside outside the US they have until June 17, 2019 this tax season to file their US tax returns. But if they cannot meet this deadline they can request an extension of time unti...

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IRS reminds those with foreign assets of annual April 15 FBAR deadline, generally extendable to June or October 15, 2019

IRS reminds taxpayers of the Form 114 FBAR, Form 8938 Statement of Specified Foreign Financial Asset filing deadlines, not to worry as these are generally extended beyond April or June 2019 all the way to October 15, 2019.  Also of mention is the now defunct OVDP program and Streamlined. ...

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Tax Time Guide: Contribute to an IRA by April 15 to claim it on 2018 tax returns

IRS reminds us that we have until April 15 of this 2019 tax year to make a $5,500 (with catchup for age 50 to $6,500) IRA contributions- Traditional or ROTH IRA for the 2018 tax year, don't be late!!  The Internal Revenue Service reminded taxpayers today that it’s not too late to con...

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Newly revised publication helps taxpayers understand changes to backup withholding

IRS explains how the December 22, 2017 TCJA 2017 dropped the backup withholding tax rate from 28% to 24%, backup withholding occurs when the payer does not have the taxpayers correct ITIN or SSN, or fail to certify that they are not subject to backup withholding. The IRS urges taxpayers...

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TCJA and Expats: What SALT Changes Mean for the Foreign Housing Exclusion and Deduction

The Tax Cuts and Jobs Act (TCJA), also called the 2018 tax reform, is the most drastic change to the Internal Revenue Code in over 30 years. When it comes to expats, most of the key changes brought on by TCJA have little or no effect given that the chief expat benefits like the foreign e...

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What’s new with the child tax credit after tax reform

IRS explained the changes to the Child Tax Credit that will now apply to many more US filers as a result of the TCJA 2017 legislation as it pertains to individuals filers. Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted...

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Tackling TCJA changes this tax season

An excellent synopsis of the major TCJA 2017 legislation affecting Individuals for the upcoming 2018 (performed in 2019) tax season, as well as some expired adjustments that congress never extended. Terrific read. Return preparers must be ready for how the Tax Cuts and Jobs Act has modi...

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IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018

IRS announces that as a result of the major legislative changes as a result of the TCJA of 2017 it is modifying the safe harbor test for the estimated tax penalty calculated on Form 2210 for any taxpayer who paid at least 85 percent (versus the current rule of 90%) of their total tax liabi...

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IRS Sets Start Date for Tax Season, Will Issue Refunds During Government Shutdown

IRS announces the opening of the 2019 tax season (the 2018 tax return year) opening during the ongoing limited government shutdown….the recalling of a significant portion of its staff and its statutory authority to issue refunds despite the limited shutdown.  The deadline this year is M...

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Tax Reform Affects If And How Taxpayers Itemize Their Deductions

How the TCJA 2017 act severely limited Itemized Deductions starting on January 1, 2018, while eliminating the phaseout entirely.  Gone are unreimbursed employee expenses, investment expenses and personal casualty & theft losses unless the casualty is declared a federal disaster area b...

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Meals Continue To Be Deductible Under New IRS Guidance

After much confusion regarding the deductibility of Meals and Entertainment the IRS clarifies that certain (most as originally understood) 50% type meals will continue to be deductible (although not on Schedule A as Unreimbursed Employee Expense deductions are eliminated under the TCJA), 1...

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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 incom...

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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 proc...

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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 falls on Emancipation Day in DC. 2018 T...

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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 out of Miscellaneous Deductions Miscella...

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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 affe...

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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 ques...

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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 comp...

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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...

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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 ...

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