Wolters Kluwer offers post-filing season tax update
Wolters Kluwer Tax & Accounting has released a “2019 Post-Filing Season Update,” available through its CCH AnswerConnect online research service.
The report discusses some of the main developments this past season that are likely to affect taxpayers for the rest of the year. Among the items are tax extension filings, which appear to be on the upswing in the wake of the extensive changes enacted in the Tax Cuts and Jobs Act. Wolters Kluwer noted that many tax practitioners have reported filing an increased number of extensions this year due to the complexities of the TCJA. That means there’s likely to be an unusually active “second” tax filing season for 2019.
In the area of tax guidance, Wolters Kluwer noted that the IRS is continuing to release more guidance for implementing the TCJA, as well as addressing other issues. The most recent guidance on the new tax law includes proposed regulations for the foreign-derived intangible income and global intangible low-taxed income provisions and a safe harbor after the year of acquisition for taxpayers who claim 100 percent bonus depreciation on vehicles subject to the luxury auto depreciation limits
With new tax-related legislation again moving through Congress this year, the Wolters Kluwer briefing also contains some updates. The House has passed an IRS reform package and the tax-writing House Ways and Means Committee has approved retirement reform legislation. Legislation is also being considered to make technical corrections to the TCJA, as well as to extend a number of tax breaks that expired at the end of 2017, and to provide disaster relief
“The IRS was able to keep promulgating tax guidance even during the government shutdown at the beginning of 2019 and has continued since,” said Wolters Kluwer Tax & Accounting principal federal tax analyst (and Accounting Today columnist) Mark Luscombe in a statement. “This tax briefing is designed to bring you up to date on what has been happening while everyone was focused on tax return preparation.”