IRS Releases Qualified Business Income Deduction (QBID) Proposed Regulations. On August 8, the IRS released proposed regulations on the Code Sec. 199A qualified business income deduction and they are generally favorable to taxpayers.
Congress Moving for Licensing Tax Preparers. Congress is moving toward giving the IRS the authority to license tax preparers, Senator Rob Portman (R-OH) is promoting it with a new bill
Do you know how much you pay on Gas Taxes per gallon? One particular stream of consistent revenue for States is taxes on gas.
IRS plans to Index Capital Gains for Inflation. Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina on July 2018 that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation (indexing) in determining capital gains tax liabilities.
The Tax Cut and Jobs Act (TCJA) changed materially the 1040 itemized deductions for 2018
For someone considering claiming the home office deduction, there are two options available: Regular method and simplified method.