March 19 2018
The Tax Cuts and Jobs Act enacted by Congress at the end of 2017 established a whole new set of income tax rates for 2018 and later.
The new rates are somewhat lower than those in effect during 2017 and earlier. As a result, most taxpayers will have to pay less income tax in 2018 than they did in 2017.
The IRS has updated its online withholding calculator that individual taxpayers can use to determine how much should be withheld for 2018.
Visit the IRS newsroom to stay up to date on implementation of the new tax reform. The IRS is publishing updates concerning the changes around the new tax reform policies as it pertains to taxpayers, businesses and the tax community. Links to the new tax reform announcements are below:
IRS Plans to Issue Regulations Clarifying Limitations on Carried Interest
IR-2018-37, March 1, 2018 — The IRS announced today that S corporations are subject to the extended three-year holding period for applicable partnership interests and that regulations will be issued soon.
IR-2018-36, Feb. 28, 2018 — The IRS today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December.
Interest on Home Equity Loans Often Still Deductible Under New Law
IR-2018-32, Feb. 21, 2018 — The IRS today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans.
IRS Announces 2018 Pension Plan Limitations Not Affected by Tax Cuts and Jobs Act of 2017
IR-2018-25, Feb. 13, 2018 — The Treasury Department and the IRS today announced modifications to the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders that are subject to the transition tax under the Tax Cuts and Jobs Act.
IRS Announces 2018 Pension Plan Limitations Not Affected by Tax Cuts and Jobs Act of 2017
IR-2018-19, Feb. 6, 2018 – The Internal Revenue Service today announced that the Tax Cuts and Jobs Act of 2017 does not affect the tax year 2018 dollar limitations for retirement plans announced in IR 2017-177 and detailed in Notice 2017-64.
Tax Issues for Alaska Native American Corporations and Alaska Native Settlement Trusts
IR-2018-16, Jan. 30, 2018 — The Internal Revenue Service today reminds Alaska Native Corporations and Alaska Native Settlement Trusts that they may be able to take advantage of certain benefits in the recently enacted tax reform legislation.
Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February
IR-2018-09, Jan. 19, 2018 – The Treasury Department and the Internal Revenue Service (IRS) today provided additional guidance (Notice 2018-13) for computing the “transition tax” on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act.
Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February
IR-2018-05, Jan. 11, 2018 — The Internal Revenue Service today released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month.
IRS Issues Guidance on Transition Tax on Foreign Earnings
IR-2017-212, Dec. 29, 2017 — The Treasury Department and the Internal Revenue Service today issued Notice 2018-07, which provides guidance for computing the "transition tax" under recent tax legislation enacted on Dec 22, 2017.
IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017
IR-2017-210, Dec. 27, 2017 — The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances.
IRS Statements: Withholding for 2018
Dec. 26, 2017 — Here are the latest developments involving withholding information related to the Tax Cuts and Jobs Act.
To view the original article, visit the MileIQ blog.