Tax reform articles

On March 2 the Coronavirus Ai Relief, and Economic Security (CARES) Act was signed into law. And while the bulk of the tax reform has already been rolled out, keep. Traps for the unwary: Tax Cuts and Jobs Act changes. By now many of us are familiar with the various provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P. Here is a list of changes together with (perhaps) unexpected nuances. Get the latest news and resources about the Tax Cuts and Jobs Act and tax reform current initiatives.

What are the tax reform laws? How does the tax reform affect you? TaxAct is up-to-date with the latest tax laws so you can file your return with the ultimate peace of mind.

Six key changes under the tax reform plan. The tax reform changes went into effect on Jan. Latest news on taxes, deductions, tax collection, the IRS, and income tax headlines. The new tax reform bill keeps the SALT deduction but limits the total deductible amount to $100 including income, sales and property taxes. The bill retains the seven tax brackets found in current law, but lowers a number of the tax rates.

It also changes the income thresholds at which the rates apply. The brackets before tax reform were: , , , , , and 39. Tax reform provisions for individuals and estates. The top individual income tax rate is percent (lower than in either the House or Senate bills), but includes a significant marriage penalty.

It also nearly doubles the standard deduction, repeals the current Pease limitation on itemized deductions, and expands the refundability of the child. The IRS is working on implementing the Tax Cuts and Jobs Act (TCJA). And as the House prepares to vote on the Senate’s budget plan Thursday, some lawmakers,. Its purpose was to simplify the tax code, broaden the tax base, and eliminate many tax shelters and preferences.

Congress has passed the largest piece of tax reform legislation in more than three decades. As with most tax law provisions, there are exceptions to taxable income levels: $155for individual filers and $310for those who file jointly. By Maryalene LaPonsie , Contributor Jan.

Trump’s proud rhetoric regarding tax reform during his State of the Union address, there is no wide pattern of companies bringing back jobs or profits from abroad. The global distribution of corporations’ offshore profits — our best measure of their tax avoidance gymnastics —. Tax Notes editors continuously curate select articles and reports that demonstrate the advantages of a full subscription to Tax Notes. Explore our free resources to see why so many rely on Tax Notes every day.

Let’s not ignore a good reform option simply because it may be hard to explain to the voters that they’ll be the real beneficiaries. Access IRS Tax Forms. Complete, Edit or Print Tax Forms Instantly.

If you have questions about how the tax reform legislation is going to affect your business specifically, you might want to consult with a tax professional or financial planner. A financial expert can help you maximize the benefits of the new legislation while reducing its drawbacks. Read more articles on taxes.

Martin Feldstein made a valuable contribution to the discussion in a recent Wall Street Journal article. Business-Interest Deduction Limitation.