Answers to Your Best Tax Quesitons

IRS News Releases, Fact Sheets & Statements

Tax bill this year? Check withholding soon, avoid another one next year

IR-2018-145, June 28, 2018 — Taxpayers who owed additional tax when they filed their 2017 federal tax return earlier this year can avoid another unexpected tax bill next year by doing a “paycheck checkup” as soon as possible, according to the IRS.

Tax reform allows people with disabilities to put more money into ABLE accounts, expands eligibility for Saver’s Credit

IR-2018-139, June 15, 2018 – People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers, according to the Internal Revenue Service.

For new tax on some private colleges, stepped-up basis may apply to property sold at a gain; new basis rule may limit tax impact

IR-2018-134, June 8, 2018 — A private college or university, subject to the new 1.4 percent excise tax on net investment income, that sells property at a gain generally may use the property’s fair market value at the end of 2017 as its basis for figuring the tax on any resulting gain, the IRS said today.

IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings

IR-2018-131, June 4, 2018 — The Internal Revenue Service (IRS) today announced that it will waive certain late-payment penalties relating to the section 965 transition tax, and provided additional information for individuals subject to the section 965 transition tax regarding the due date for relevant elections.

Law change affects moving, mileage and travel expenses

IR-2018-127, May 25, 2018  –  The Internal Revenue Service today provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect: move related vehicle expenses; un-reimbursed employee expenses; and, vehicle expensing.

Two-income families, taxpayers working multiple jobs should check withholding amount

IR-2018-124, May 24, 2018  –  The Internal Revenue Service urges two-income families and those who work multiple jobs to complete a “paycheck checkup” to verify they are having the right amount of tax withheld from their paychecks.

IRS issues notice on state and local tax deductions

IR-2018-122, May 23, 2018 — The U.S. Department of the Treasury and the Internal Revenue Service issued a notice today stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes.

Taxpayers who usually itemize deductions should check their withholding to avoid tax surprises

IR-2018-120, May 16, 2018 — The IRS encourages taxpayers who typically itemized their deductions on Schedule A of the Form 1040 to use the Withholding Calculator this year to perform a “paycheck checkup.”

Seasonal, Part-year Workers Urged to Check Tax Withholding Amount

IR-2018-118, May 9, 2018  – The Internal Revenue Service today encouraged taxpayers who work seasonal jobs or are employed part of the year to visit the Withholding Calculator and perform a “paycheck checkup.”

IRS highlights sharing economy tax center, other resources during National Small Business Week 

IR-2018-110, May 2, 2018 — The IRS is highlighting a variety of online resources to help small business owners and self-employed individuals as part of National Small Business Week from April 29 to May 5.

For Small Business Week, IRS highlights key business tax topics

IR-2018-109, May 2, 2018 — In recognition of National Small Business Week, April 29 to May 5, the IRS is highlighting several resources to help small business owners and self-employed individuals understand and meet their tax obligations.

IRS grants relief for taxpayers affected by reduction of maximum deductible Health Savings Account contributions

IR-2018-107, April 26, 2018 – The Internal Revenue Service today announced relief for taxpayers with family coverage under a High Deductible Health Plan (HDHP) who contribute to a Health Savings Account (HSA).

IRS describes new tax reform information reporting requirements for certain life insurance contract transactions and provides transitional guidance delaying reporting until final regulations are issued

IR-2018-104, April 26, 2018 – The Internal Revenue Service today described the new information reporting requirements for certain life insurance contracts under new IRC 6050Y, which was added by the Tax Cuts and Jobs Act (TCJA).

New rules and limitations for depreciation and expensing under the Tax Cuts and Jobs Act

FS-2018-9, April 2018 – The Tax Cuts and Jobs Act, signed Dec. 22, 2017, changed some laws regarding depreciation deductions.

Combat zone tax benefits now available to Armed Forces members who served in the Sinai Peninsula; IRS accepting retroactive tax refund claims back to 2015

IR-2018-95, April 13, 2018 – U.S. Armed Forces members who served in the Sinai Peninsula of Egypt may qualify for combat zone tax benefits retroactive to June 2015, according to the Internal Revenue Service.

Inflation Adjustments Under Recently Enacted Tax Law

IR-2018-94, April 13, 2018 — The Internal Revenue Service has updated the tax year 2018 annual inflation adjustments to reflect changes from the Tax Cuts and Jobs Act (TCJA). The tax year 2018 adjustments are generally used on tax returns filed in 2019.

Newly-revised estimated tax form and publication can help people pay the right amount

IR-2018-93, April 13, 2018 — With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the first estimated tax payment for 2018 is due on Tuesday, April 17, 2018.

IRS issues guidance on business interest expense limitations

IR-2018-82, April 2, 2018 ? The Treasury Department and the IRS today issued Notice 2018-28, which provides guidance for computing the business interest expense limitation under recent tax legislation enacted on Dec. 22, 2017.

IRS Issues Additional Guidance on Transition Tax on Foreign Earnings

IR-2018-79, April 2, 2018 — The Treasury Department and the Internal Revenue Service today provided additional guidance (Notice 2018-26) for computing the “transition tax” on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act enacted on Dec. 22, 2017.

IRS Plans to Issue Regulations Clarifying Limitations on Carried Interest

IR-2018-37, March 1, 2018 — The IRS announced today that S corporations are subject to the extended three year holding period for applicable partnership interests and that regulations will be issued soon.

Updated Withholding Calculator, Form W-4 Released; Calculator Helps Taxpayers Review Withholding Following New Tax Law

IR-2018-36, Feb. 28, 2018 — The IRS today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December.

Interest on Home Equity Loans Often Still Deductible Under New Law

IR-2018-32, Feb. 21, 2018 — The IRS today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans.

IRS Issues Guidance on Changes in Accounting Periods Related to the Transition Tax

IR-2018-25, Feb. 13, 2018 — The Treasury Department and the IRS today announced modifications to the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders that are subject to the transition tax under the Tax Cuts and Jobs Act.

IRS Announces 2018 Pension Plan Limitations Not Affected by Tax Cuts and Jobs Act of 2017

IR-2018-19, Feb. 6, 2018 – The Internal Revenue Service today announced that the Tax Cuts and Jobs Act of 2017 does not affect the tax year 2018 dollar limitations for retirement plans announced in IR 2017-177 and detailed in Notice 2017-64.

Tax Reform Tax Tips

How the Employer Credit for Family and Medical Leave Benefits Employers

Tax Reform Tax Tip 2018-69, May 4, 2018

Tax Reform: Changes to Depreciation Affect Businesses Now

Tax Reform Tax Tip 2018-68, May 3, 2018

Taxpayers can Visit IRS.gov for Resources to Help Understand Tax Reform

Tax Reform Tax Tip 2018-49, March 30, 2018

Tips for Updating Form W-4 After Doing a Paycheck Checkup

Tax Reform Tax Tip 2018-48, March 29, 2018

Step-by-Step Instructions for Using the IRS Withholding Calculator

Tax Reform Tax Tip 2018-47, March 28, 2018

Tips for Using the Withholding Calculator

Tax Reform Tax Tip 2018-46, March 27, 2018

Updated Withholding Calculator Reflects Changes in New Tax Law

Tax Reform Tax Tip 2018-45, March 26, 2018

Frequently Asked Questions

Opportunity Zones Frequently Asked Questions

Frequently Asked Questions about Employer Credit for Paid Family and Medical Leave

Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns

Withholding Calculator Frequently Asked Questions

IRS Withholding Tables Frequently Asked Questions

IRA FAQS — Recharacterization of IRA Contributions