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May 2018 Newsletter

Brian Whelan encourages everyone to use the Withholding Calculator. Tracy Tasch discusses, “IRS Chief Outlines Tax Reform Implementation.” Don Sager discusses, “White House Remains Focused on Tax Reform.”

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Brian Whelan

IRS – Withholding Calculator

IRS – Withholding Calculator The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.”  This is even more important this year because of recent changes to the tax law for 2018. The Calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld […]

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Andrew Presti

New look to TINs/EINs to prevent identity theft/refund fraud

New look to TINs/EINs to prevent identity theft/refund fraud The IRS continues to ramp-up its work to fight identity theft/refund fraud and recently announced new rules allowing the use of abbreviated (truncated) personal identification numbers and employer identification numbers. Instead of showing a taxpayer’s full Social Security number (SSN) or other identification number on certain […]

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Andrew Presti

House Approves IRS Reform Package

House Approves IRS Reform Package The House on April 18 approved the two largest bills of a bipartisan IRS reform package. On April 17, the House approved seven other bills, by voice vote, which are also part of the larger bipartisan package. Its aim is to restructure the IRS for the first time in 20 […]

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Andrew Presti

IRS Computer Glitch Extends 2017 Filing Deadline One Day

IRS Computer Glitch Extends 2017 Filing Deadline One Day The IRS provided an additional day for taxpayers to file and pay their taxes, following system issues that surfaced early on April 17. Individuals and businesses with a filing or payment due date of April 17 had until midnight on Wednesday, April 18, to file returns […]

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Donald Sager

White House Remains Focused on Tax Reform – Phase Two

White House Remains Focused on Tax Reform – Phase Two The White House and Republican lawmakers are continuing discussions focused on a second round of tax reform, according to President Trump’s top economic advisor. National Economic Council Director Lawrence Kudlow said in an April 5 interview that Trump and House Ways and Means Committee Chairman […]

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Andrew Presti

Treasury, OMB Agree to Increased Oversight of Tax Regulations

Treasury, OMB Agree to Increased Oversight of Tax Regulations Certain proposed regulations issued by Treasury will now be subject to additional oversight by the Office of Management and Budget (OMB). A Memorandum of Agreement (MOA) between Treasury and OMB released on April 12 specifies terms under which the Office of Information and Regulatory Affairs (OIRA) […]

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Tracy Tasch

IRS Chief Outlines Tax Reform Implementation

IRS Chief Outlines Tax Reform Implementation The IRS is already working on implementing tax reform, according to IRS Acting Commissioner David Kautter. Speaking at a Tax Executives Institute event in Washington, D.C., Kautter discussed current IRS efforts toward implementing tax law changes under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). “The Tax Cuts […]

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Andrew Presti

New Law Clarifies Partnership Audit Rules

New Law Clarifies Partnership Audit Rules Technical corrections to the partnership audit rules were included in the bipartisan Consolidated Appropriations Act (CAA), 2018 ( P.L. 115-141), which was signed by President Trump on March 23. The omnibus spending package, which provides funding for the government and federal agencies through September 30, contains several tax provisions, including […]

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March Newsletter

Annemarie Aguanno discusses, “Trump Signs Bipartisan Budget Act; Tax Extenders Included.” Elias Koumniotes examines, “Treasury Moves To Repeal 298 Unnecessary, Obsolete Regulations.”

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