Federal Tax Legislation

Wolters Kluwer Tax & Accounting US has you covered. Stay informed of important developments in tax legislation. Key items include guidance and new rules involving healthcare, international taxation and partnerships.

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Recent Legislation

2018 Year-End Tax Planning

Updated: Nov. 8, 2018

Year-end 2018 presents challenges and opportunities for tax planning that have not been present before. With 2018 seeing the implementation of the vast majority of the Tax Cuts and Jobs Act (TCJA) provisions, tax professionals will have to be ready to adopt new strategies to assist taxpayers in maximizing tax savings under the new laws. The IRS also released guidance on the new provisions that presents opportunities. These changes on top of standard year-end planning, and potential legislation, could make for a busy end to 2018.

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Tax Reform 2.0

Updated: Sept. 14, 2018

On Sept. 13, the House Ways and Means Committee approved the Republican Tax Reform 2.0 package. The measure, consisting of three separate bills, is expected to reach the House floor for a full chamber vote during the week of September 24. The Tax Reform 2.0 package includes the following bills: Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760); Family Savings Act of 2018 (H.R. 6757); and American Innovation Act of 2018 (H.R. 6756).

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Tax Cuts and Jobs Act Guidance

Updated: Aug. 14, 2018

The Tax Cuts and Jobs Act of 2017 was the largest piece of tax legislation in the Unites States in over 30 years. Throughout the legislative process, the stated goal of tax reform was to simplify the Internal Revenue Code and lessen the burden on taxpayers' filing responsibilities. Although many provisions (such as reduced rates, the elimination of alternative minimum taxes for corporations and the elimination of many deductions and exemptions) were relatively straightforward, the Tax Cuts and Jobs Act also introduced several new taxes and deductions, as well as a number of very significant changes, all of which would require new guidance from the IRS on the implementation of the new law.

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U.S. Supreme Court Wayfair Decision

Updated: June 21, 2018

In a 5 to 4 decision, the U.S. Supreme Court has held that Quill Corp. v. North Dakota, 504 U. S. 298, and National Bellas Hess, Inc. v. Department of Revenue of Ill., 386 U. S. 753, are overruled because Quill 's physical presence rule is unsound and incorrect. The impact of the decision is far-reaching, as states are now free to levy taxes on sales of goods and services regardless of whether the seller has a physical presence in the state.

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2018 Post-Filing Season Update

Updated: April 26, 2018

The 2018 individual tax filling season has come to an end. Other than an IRS electronic processing system glitch on Tax Day, which led to the extension of the filing deadline to midnight on April 18, Acting IRS Commissioner David Kautter reported to Congress on April 17 that the 2018 tax filing season had gone smoothly. The IRS reported no major breaches of its primary systems by cybercriminals. Congress and the White House continue tax reform discussions as Republican leaders gear up for a "second phase."

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2017 Tax Year-In-Review

Updated: Jan. 02, 2018

A review of the most significant developments of 2017 starts with the Tax Cuts and Jobs Act of 2017, the first major "tax reform" law enacted since 1986. In spite of its overall drive toward a "more simple tax code," the new law has already created confusion over many of its provisions for individuals, and even more so for businesses. The provisions within the new law are generally not effective until January 1, 2018, although some reach back into late 2017. As taxpayers deal with these new rules, however, they must also address scores of other changes to the tax law that were made throughout 2017 by Congress, the IRS and the courts that directly impact the 2017 tax year. With the 2018 tax filing season coming up, knowing the impact of 2017 changes on about-to-be-filed 2017 tax-year returns is critical.

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Tax Cuts and Jobs Act

Updated: Dec. 22, 2017

The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and signed by President Trump. After a last-minute procedural glitch that required the Senate to vote first on the final bill, the most sweeping change to the U.S. tax code in decades cleared the Senate, 51 to 48, in the early morning hours of December 20, followed by House approval, 224 to 201, later the same day. President Trump signed the bill into law at the White House on December 22, 2017.

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2017 Year-End Tax Planning

Updated: Oct. 19, 2017

Year-end 2017 presents a unique set of challenges for taxpayers. At the top of the list are the uncertainties created by the possibilities within proposed tax reform legislation — what changes might be made, and whether those changes would be retroactive for 2017.

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GOP's 2017 Tax Reform Framework

Updated: Sept. 29, 2017

The Trump administration and Congressional GOP leadership have unveiled a tax reform outline, the "Unified Framework for Fixing Our Broken Tax Code." The framework calls for dramatic tax cuts and simplification: lower individual tax rates under a three-bracket structure, nearly doubling the standard deduction, and a significant reduction in the corporate tax rate; along with changing the tax treatment of pass-throughs, expanding child and dependent incentives, and more.

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Sharing (Gig) Economy

Updated: Sept. 7, 2017

The sharing, or gig, economy allows individuals and groups to use technology advancements to arrange transactions that generate revenue from their assets, such as cars and homes, or from services they provide, such as household chores, delivery, or technology services. The internet is used to connect suppliers to consumers. The sharing (gig) economy is often used to connect workers and businesses for short-term work. Income received is generally taxable, even if the recipient does not receive a federal Form 1099, W-2, or some other income statement. Depending upon the circumstances, some or all business expenses may be deductible.

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ACA Repeal and Replacement

Updated: July 17, 2017

The Senate has released a revised version of its Better Care Reconciliation Act of 2017 (BCRA), but leadership has announced that it will abandon this effort to repeal and replace the Affordable Care Act (ACA). The bill is an amended version of the American Health Care Act (AHCA) (H.R. 1638) approved by the House on May 4 by a vote of 217 to 213. Like the House bill, the Senate bill would repeal the ACA individual and employer mandates, as well as most ACA excise taxes. Unlike the House bill, the revised Senate bill keeps in place the ACA taxes on higher-income individuals. Late in the day on July 17, Senate Majority Leader Mitch McConnell, R-KY, announced that the bill was being pulled from consideration because of the unlikelihood of passage.

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Administration's 2017 Tax Reform Outline

Updated: May 25, 2017

President Trump on April 26 unveiled his tax reform outline — the "2017 Tax Reform for Economic Growth and American Jobs." The administration also released on May 23, 2017 President Trump's proposed Fiscal Year (FY) 2018 Budget — "A New Foundation For American Greatness" — which contains additional information on some of the tax reform proposals in addition to large reductions in entitlement spending and increases to expenditures on border security and defense.

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Updated: April 4, 2017

The individual filing season has ended with few reports of disruptions or slowdowns in return processing by the IRS. Some early filers experienced delayed refunds due to new requirements under the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) which kicked-in for this filing season. The IRS reported no major breaches of its primary systems by cybercriminals, although one secondary system, the Data Retrieval Tool (DRT), appeared to have been compromised.

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