The Internal Revenue Service has been sending a series of messages in recent weeks to taxpayers and tax professionals urging them to check the online withholding calculator to make sure they have the proper amount withheld from their paychecks so they can avoid a nasty surprise next tax season.
The Internal Revenue Service provided initial guidance Tuesday on how to deal with the rule changes surrounding the executive compensation deduction after passage of the Tax Cuts and Jobs Act last year.
As we enter into the tax planning stage of the year, the focus shifts to helping clients understand the impact of the Tax Cuts and Jobs Act and optimize their tax positions.
The Treasury Department and the Internal Revenue Service proposed regulations Friday to increase and expand the first-year depreciation deduction for qualified property from 50 to 100 percent, carrying out a provision of the Tax Cuts and Jobs Act.
Among the wealthy tri-state area set, there’s more buzz than ever about fleeing south to Florida, land of mild winters and, more importantly after last year’s federal tax overhaul, zero state personal income tax.
Four Democratic-led northeastern states sued the Trump administration to invalidate the new $10,000 cap on the federal tax deduction for state and local taxes.
