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

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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2017 POST-FILING SEASON UPDATE

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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Post-election Tax Policy Update

Updated: Nov. 9, 2016
 
Donald Trump’s election as the 45th President of the United States on November 8 is expected to bring changes to the tax laws for individuals and businesses. President-elect Trump had made tax reduction a centerpiece of his economic plans during his campaign, saying he would, among other things, propose lower and consolidated individual income tax rates, expand tax breaks for families, and repeal the Affordable Care Act. As the next few weeks and months unfold, taxpayers will learn more about Trump’s tax plans.
 
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