Tax reform

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 Internal Revenue Service updated the information on its website about the Tax Cuts and Jobs Act to help taxpayers and practitioners better understand tax reform.

Republicans thought the historic overhaul that slashed taxes would be one of their main campaign selling points ahead of November elections. Instead, Democrats are talking more about the law — and how they want to undo it.

A broad coalition of hundreds of industry associations and companies sent a letter Wednesday to Treasury Secretary Steven Mnuchin urging him to resolve errors in last year’s tax code overhaul related to depreciation rules and net operating loss carrybacks.

The Internal Revenue Service issued a revenue procedure Wednesday providing information on how companies can change their method of accounting if they have switched from being an S corporation to a C corporation in response to the Tax Cuts and Jobs Act.

These proposed regulations affect taxpayers who deduct depreciation for qualified property acquired and placed in service after Sept. 27, 2017.

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.

The Internal Revenue Service has issued a notice soliciting comments on how to apply a new section of the tax code that was added by the Tax Cuts and Jobs Act pertaining to the unrelated business income taxes for otherwise tax-exempt organizations.

The TCJA’s changes to alimony deductibility make good advice more important than ever.