The IRS issued a draft version of the 2019 Form W-4, Employee’s Withholding Allowance Certificate, and instructions for the form, in an attempt to further simplify the task of determining income tax withholding for individual taxpayers after the passage of P.L. 115-97, known as the Tax Cuts and Jobs Act of 2017 (TCJA). The TCJA eliminated personal exemptions, increased the standard deduction, increased the ...

The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019. To read the full article in The Tax Adviser, click: Draft 2019 Form W-4 and Instructions Posted. ...

The IRS announced relief from late-payment penalties and that it will allow late elections for taxpayers subject to the new Sec. 965 transition tax on deemed repatriated foreign earnings. To read the full article in The Tax Adviser, click: Sec. 965 Transition Tax Penalty Relief Issued. ...

Many of the biggest beneficiaries of President Donald Trump’s tax overhaul have not even been born yet.  The new law doubles the amount that can be passed to heirs without worrying about estate and gift taxes, to about $22 million for a married couple.  But the thresholds are in place only until 2025, and the ultra-rich are turning to a key tool—the dynasty trust—to secure the financial futures of their gra ...

The IRS announced relief from late-payment penalties and that it will allow late elections for taxpayers subject to the new Sec. 965 transition tax on deemed repatriated foreign earnings, which was enacted by P.L. 115-97, known as the Tax Cuts and Jobs Act of 2017. To read the full article in The Tax Adviser, click: Sec. 965 Transition Tax Penalty Relief Issued. ...

Three in five affluent Americans (63%) said they are very or somewhat likely to change their personal financial plans based on the new federal tax law, according to a poll conducted on behalf of the AICPA. To read the full article in the Journal of Accountancy, click: How the New Tax Law Will Change Wealthy Americans’ Financial Plans. ...

A Run-Down on What is Changing President Donald Trump signed the Tax Cuts and Jobs Act (TCJA) presented to him by Congress on December 22, 2017. Debate on the provisions of the bill dominated the last quarter of 2017. It was first presented on November 2, 2017 by Texas Congressman Kevin Brady, chair of The House Ways and Means Committee. Two weeks later, November 16, the House passed the Bill and forwarded ...