Our tax team here at Mueller would like to make you aware of the below Tax Reform Tax Tip sent to us by the IRS.
With an updated tax reform section and frequent updates, the IRS website should be the first stop for taxpayers looking for information about how tax reform legislation – the Tax Cuts and Jobs Act – affects their taxes. Here are some facts about these new easy-to-read, easy-to-use pages and what taxpayers can find on them:
– The IRS.gov/taxreform page features three sections — one for each type of taxpayer:
– The Individuals page shares information about:
- Withholding – How the IRS Withholding Calculator can help taxpayers perform a “Paycheck Checkup.”
- Credits – Changes to the child tax credit, additional child tax credit, and information about the new credit for other dependents.
- Deductions – The law changed standard and itemized deductions.
- U.S. Armed Forces members – Tax reform updates about combat zone benefits and moving expenses.
The Businesses page is for businesses of any size. It includes links to these topics:
- Income – including gains and losses
- Deductions and depreciation
-The Tax Exempt and Government Entities page highlights how the law affects retirement plans, charities and governments.
-From the left side of IRS.gov/taxreform, users can also find direct links to:
- News – Quick access to tax reform news releases and fact sheets.
- Guidance – Revenue procedures and rulings, regulations and notices.
- Forms and Instructions – Users can search for the latest version of documents they need.
- Resources – Products and tools that employers and other organizations can use to help educate taxpayers about tax reform. Products include FAQs, drop-in articles, videos, publications and tax reform tax tips.
Users can get to the tax reform section of the IRS web page by:
- Clicking the tax reform link from the IRS.gov homepage or Newsroom.
- Entering IRS.gov/taxreform in their Web browser address bar.
- Searching tax reform from any IRS web page.
- Tax Professionals can find a Tax Reform link in the Tax Pros area on IRS.gov.
If you have any questions or concerns please feel free to contact:
Ann Behrens, CPA, CVA