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.

Stay Informed

U.S. Capital Building Dome

Federal Tax Updates (Full-Day Course)

More than ever, this year promises to be one with lots of questions from your clients. Find your way through the uncertainty with this 8-hour CPE webinar.

Learn More

Recent Legislation

2018 Tax Year-In-Review

Updated: Jan. 8, 2019

In review of the most significant tax-related developments of 2018, most notable is the year-long and ongoing effort toward tax reform implementation. The Tax Cuts and Jobs Act (TCJA), enacted in late December 2017, was the most sweeping overhaul of the tax code in over thirty years. Nearly every taxpayer is impacted by the new tax law, and practitioners are working to understand its varying impact on both their own professional planning as well as client-specific tax planning and return preparation. Although a large volume of TCJA-related guidance was released by the IRS in 2018, additional tax reform guidance is expected to be unveiled and finalized throughout 2019.

Read the full coverage here

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.

Read the full coverage here

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).

Read the full coverage here

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.

Read the full coverage here

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.

Read the full coverage here

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."

Read the full coverage here

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.

Read the full coverage here

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.

Read the full coverage here