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Archive for the ‘Tax Cuts and Jobs Act – 2017’ Category.

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 modified many common features

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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%)

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The TCJA and Foreign Real Property Taxes

While the TCJA of 2017 eliminated the Schedule A deduction for Foreign Real Estate taxes, Foreign Real Estate taxes form part of the Qualified Foreign Housing expenses that qualify for the Housing Exclusion if employed or Housing Deduction if self-employed?  But you first need to qualify under IRC Sec 911.

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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 by the President, the SALT deduction is limited to

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Like-Kind Exchanges Now Limited to Real Property

One of the significant changes that the TCJA 2017 brought to bear on December 22, 2017 was that is changed on what property a Like Kind 1031 Exchanges qualify. The Internal Revenue Service today reminded taxpayers that like-kind exchange tax treatment is now generally limited to exchanges of real property.

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IRS Issues Proposed Regulations On Global Intangible Low-Taxed Income For U.S. Shareholders

US Expats with non US corporations, hold your hats…..The TCJA of 2017 imposed not only a one time “deemed repatriation tax” or ‘transition tax’ of 15.5% on untaxed foreign earnings or business profits accumulated overseas from 1986- 12/31/17 held in cash or cash-equivalents and 8% for profits held in non-cash

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IRS And Treasury Issue Proposed Regulations Implementing Section 965

US Expats with non US corporations, hold your hats…..The TCJA of 2017 imposed a one time “deemed repatriation tax” or ‘transition tax’ of 15.5% on untaxed foreign earnings or business profits accumulated overseas from 1986- 12/31/17 held in cash or cash-equivalents and 8% for profits held in non-cash form, whether

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Interest on Home Equity Loans Often Still Deductible Under New Law

Just when you thought that the recent The Tax Cuts and Jobs Act of 2017 prevented claiming home equity line of credit (HELOC) interest, think again! The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to

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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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A 2017 federal tax deduction for prepaying anticipated 2018 state income taxes? Not likely!

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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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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NYS Tax Department – Prepayment of 2018 Property Tax

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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