2018 Federal Return and Taxpayer Expectations
With the 2019 filing season it is important for preparers to be aware that, due to tax reform and the changes to the withholding tables, some of your clients may receive a surprise when they see the results on their 2018 federal return in the form of a lower refund – some may even show a balance due.
Reminder of 2018 Itemized Deduction Changes
As the 2019 filing season is almost upon us this is a reminder of the changes to the 2018 itemized deductions.
Qualified Business Income Deduction (20% Deduction for Certain Pass-Through Income)
The Tax Cuts and Jobs Act included a provision that may allow an individual to deduct 20% of their domestic qualified business income from a partnership, S Corporation or sole proprietorship (Schedule C or F).
Important Reminders for the Upcoming 2019 Filing Season
This is a reminder that the IRS has redesigned the 2018 Form 1040.
1040 Virtual Currency Question
The IRS is continuing its effort to inform taxpayers that virtual currency is considered property for federal tax purposes.