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2018 Taxes

IRS NEWS

Updated 02-15-2019

Hi Everyone:

Here are some articles and videos on the 2018 tax reform laws that you might find helpful. 

RS Tax Tips

February 13, 2019

Issue Number:    Tax Reform Tax Tip 2019-08


Videos help taxpayers learn more about tax reform

The IRS has several videos that can help individual and business taxpayers learn more about the tax reform legislation. The IRS posts these videos on the IRS Video Portal and to their YouTube channel. Aside from these sites, the IRS offers tax reform information on its other social media channels, such as Twitter and their new Instagram account. Taxpayers can visit the Multimedia Center on IRS.gov for links to all the agency’s social media sites.

Here are some of the tax reform videos taxpayers can watch on their computer or on their smartphone when they’re on the go.

IRS Video Portal
The IRS produces and posts videos to post on the Video Portal. These videos can help individual and business taxpayers better understand how the tax reform law affects them and their taxes.


IRS YouTube Channel
These videos are all in English, with several also being offered in Spanish and American Sign Language.

  • Paycheck CheckupEnglish | Spanish | ASL 
    Taxpayers can watch this video to find out why they should do a Paycheck Checkup after tax reform legislation changed how much tax is taken out of individuals’ paychecks.
  • IRS Withholding Calculator TipsEnglish | Spanish | ASL
    This video gives taxpayers tips for using the calculator, including what documents to have on hand before starting their Paycheck Checkup.
  • Paid Family and Medical Leave:  English
    If employers provide paid family and medical leave for their employees, they may be eligible for a tax credit. This video has more information about this credit.

IRS Tax Tips

February 5, 2019

Issue Number:    Tax Reform Tax Tip 2019-04


Individuals can find answers to their questions about tax reform on IRS.gov

The December 2017 Tax reform legislation affects almost every taxpayer. The IRS is working closely with partners in the tax return preparation and tax software industries to prepare for tax reform affecting tax year 2018. This ongoing collaboration ensures that taxpayers can continue to rely on the IRS, tax professionals and tax software programs when it’s time to file their returns.

As people prepare to file their 2018 tax returns this year, they can visit IRS.gov for answers to their questions about tax reform. Here are several of the resources that will help taxpayers find out how this law affects them:

Tax reform provisions that affect individuals
This is the main tax reform page with information for individual taxpayers. It includes dozens of links to more information on topics from withholding and tax credits to deductions and savings plans.

Tax reform basics for individuals and families
This publication provides information to help individual taxpayers understand the Tax Cuts and Jobs Act and how to comply with federal tax return filing requirements.

Tax reform resources
On this page, taxpayers can find helpful products including news releases, tax reform tax tips, revenue procedures, fact sheets, FAQs and drop-in articles.

Steps to take now to get a jump on next year’s taxes
This page has dozens of resources and tools that people can visit now or any time before they file their 2018 tax returns.

Paycheck Checkup
This page has information for people doing a Paycheck Checkup to see if they’re withholding the right amount of tax from their paychecks. Taxpayers can perform a Paycheck Checkup at the beginning of 2019 to make sure their withholding is correct for the rest of the year.

IRS Withholding Calculator
One way taxpayers can do a Paycheck Checkup is to use the Withholding Calculator. Checking withholding can help taxpayers protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time.
 
Taxpayer Advocate
The Taxpayer Advocate Service’s Tax Reform Changes website, available in English and Spanish, explains what is changing and what is not this year for individuals. Its interactive information can be reviewed by tax topic or line by line using a Form 1040 example and is updated to show the new 2018 Form 1040 references.

Tax reform
The main tax reform webpage on IRS.gov features information for individuals, but also takes users directly to info for people who are self-employed. It is also a great resource for anyone who does taxes or accounting for a business or charity.

IRS Tax Tips

January 29, 2019

Issue Number: Tax Reform Tax Tip 2019-01


Find out how tax reform affects your businesses' bottom line at IRS.gov

Business may find they have questions about how 2017’s tax reform legislation affects their organization and their bottom line. IRS.gov is a great place to find answers. Here are several resources on the IRS website that address tax reform.

Tax reform provisions that affect businesses
This is the main page for businesses. Users can link from this page out to more resources with additional information, which is organized in sections by topic. These sections include a plain language description and links to news releases, notices and other technical guidance. Here are a few of the main tax topics on this page and the subtopics highlighted in each section:

  • Income: taxation of foreign income, carried interest, and like-kind exchanges
  • Deductions and depreciation: fringe benefits, moving expenses, standard mileage rates, deduction for passthrough businesses, and business interest expenses
  • Credits: employer credit for paid family and medical leave, and the rehabilitation tax credit
  • Taxes: blended federal income tax and withholding
  • Accounting method changes
  • Opportunity zones

This page also includes information for specific industries, such as farming, insurance companies, and aircraft management services.

Tax Reform Small Business Initiative
This one-stop shop highlights important tax reform topics for small businesses. From this page, users can link to several additional resources.

Tax reform resources
From this page, people can link to helpful products including news releases, tax reform tax tips, revenue procedures, fact sheets, FAQs and drop-in articles. Organizations can share these materials including the drop-in articles with employees, customers and volunteers to help them better understand tax reform.

Tax Cuts and Jobs Act: A comparison for businesses
This side-by-side comparison can help businesses understand the changes the new law made to previous law. It will help businesses then make decisions and plan accordingly. It covers changes to deductions, depreciation, expensing, tax credits, and other tax items that affect businesses.

Tax reform: What’s new for your business 
This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, their owners, and tax professionals to understand. This concise publication includes sections about:

  • Qualified business income deduction
  • Depreciation: Section 168 and 179 modifications
  • Business-related losses, exclusions and deductions
  • Business credits
  • Corporate tax provisions
  • S corporations
  • Farm provisions

IRS Tax Tips

December 20, 2018

Issue Number: Tax Reform Tax Tip 2018-197


New IRS resources on IRS.gov help businesses understand tax reform

Last year’s Tax Cuts and Jobs Act made significant changes to the tax law that affect small businesses. The IRS posted two new resources on IRS.gov to help taxpayers understand how these changes affect their bottom line.

Here are some details about these resources:
 
New publicationTax reform: What’s new for your business 
This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, their owners, and tax professionals to understand. This concise publication includes sections about:

  • Corporate tax provisions
  • Qualified business income deduction
  • Depreciation: Section 168 and 179 modifications
  • Business-related losses, exclusions and deductions
  • Business credits
  • S corporations
  • Farm provisions

New webpage: Tax Reform for Small Business
This one-stop shop highlights important tax reform topics for small businesses. Users can link to several resources, which are grouped by topic:

  • New deduction for qualified businesses
  • Withholding
  • Deductions, depreciation and expensing
  • Employer deduction for certain fringe benefits
  • Like-kind exchanges
  • Real estate rehabilitation tax credit
  • Changes in accounting periods and methods of accounting
  • Corporate methods of accounting
  • Blended federal income tax
  • Employer credit for paid family and medical leave
  • Farmers and ranchers


More information
Tax Reform Small Business Initiative

IRS Tax Tips

December 19, 2018

Issue Number: Tax Reform Tax Tip 2018-196


These videos will help taxpayers learn more about how tax reform affects their taxes

The IRS has several videos that can help individual and business taxpayers learn more about the tax reform legislation. The IRS posts these videos on the IRS Video Portal and to theirYouTube channel. Aside from these sites, the IRS offers tax reform information on its other social media channels, such asTwitter and their new Instagram account. Taxpayers can visit theMultimedia Center on IRS.gov for links to all the agency’s social media sites.

Here are some of the tax reform videos taxpayers can watch on their computer or on their smartphone when they’re on the go.

IRS Video Portal
The IRS continues to produce and post videos to post on the Video Portal. These videos can help individual and business taxpayers better understand how the tax reform law affects them and their taxes. Taxpayers can check back throughout the year to find new videos.

Tax Reform Basics for Employers
This provides an overview of tax reform changes for employers. Topics covered include changes to employer credit for family and medical leave, employee achievement awards, and qualified transportation fringe benefits.

Tax Reform Basics for Individuals and Families
Addresses tax reform changes that affect individual taxpayers. Topics include standard deductions, personal exemptions, itemized deductions, and the child tax credit. 

Understanding How to Use the IRS Withholding Calculator to Check & Correct Withholding 
This video explains why many taxpayers may need to change their withholding. It also helps tax professionals understand how to use the IRS withholding calculator to help taxpayers change their withholding.


IRS YouTube Channel
These videos are all in English, with several also being offered in Spanish and American Sign Language.

Paycheck CheckupEnglish | Spanish | ASL 
Taxpayers can watch this video to find out why they should do a Paycheck Checkup after tax reform legislation changed how much tax is taken out of individuals’ paychecks.

IRS Withholding Calculator Tips: English | Spanish | ASL
This video gives taxpayers tips for using the calculator, including what documents to have on hand before starting their Paycheck Checkup.

Paid Family and Medical Leave  English
If employers provide paid family and medical leave for their employees, they may be eligible for a tax credit. This video has more information about this credit.

IRS Newswire

December 19, 2018

Issue Number:    IR-2018-254

Inside This Issue


IRS issues guidance on changes to excess business and net operating losses

WASHINGTON — The Internal Revenue Service issued guidance on excess business loss limitations and net operating losses following law changes in the Tax Cuts and Jobs Act (TCJA).

Excess business losses
The TCJA modified existing tax law on excess business losses by limiting losses from all types of business for noncorporate taxpayers.

An excess business loss is the amount by which the total deductions from all trades or businesses exceed a taxpayer’s total gross income and gains from those trades or businesses, plus $250,000, or $500,000 for a joint return.

Excess business losses that are disallowed are treated as a net operating loss carryover to the following taxable year.

See Form 461 and instructions, available soon, for details.

Net Operating Losses
TCJA also modified net operating loss (NOL) rules. Most taxpayers no longer have the option to carryback a NOL. For most taxpayers, NOLs arising in tax years ending after 2017 can only be carried forward. Exceptions apply to certain farming losses and NOLs of insurance companies other than a life insurance company.

For losses arising in taxable years beginning after Dec. 31, 2017, the new law limits the NOL deduction to 80% of taxable income.

Additional updates can be found on the Tax Reform Provisions that Affect Businesses page of IRS.gov.

IRS Tax Tips

December 18, 2018

Issue Number: Tax Reform Tax Tip 2018-195


Individuals can find answers to their questions about tax reform on IRS.gov

Tax reform legislation passed in December 2017 affects almost every taxpayer. The IRS is working closely with partners in the tax return preparation and tax software industries to prepare for tax reform affecting tax year 2018. This ongoing collaboration ensures that taxpayers can continue to rely on the IRS, tax professionals and tax software programs when it’s time to file their returns.

As people prepare to file their 2018 tax returns in 2019, they can visit IRS.gov for answers to their questions about tax reform. Here are several of the resources that will help taxpayers find out how this law affects them:

Tax reform provisions that affect individuals
This is the main tax reform page with information for individual taxpayers. It includes dozens of links to more information on topics from withholding and tax credits to deductions and savings plans.

Tax Reform Basics for Individuals and Families
This publication provides information to help individual taxpayers understand the Tax Cuts and Jobs Act and how to comply with federal tax return filing requirements.

Tax reform resources
On this page, taxpayers can find helpful products including news releases, tax reform tax tips, revenue procedures, fact sheets, FAQs and drop-in articles.

Steps to Take Now to Get a Jump on Next Year’s Taxes
This page has dozens of resources and tools that people can visit now or any time before they file their 2018 tax returns.

Paycheck Checkup
This page has information for people doing a Paycheck Checkup to see if they’re withholding the right amount of tax from their paychecks. Taxpayers can perform a Paycheck Checkup at the beginning of 2019 to make sure their withholding is correct for the rest of the year.

IRS Withholding Calculator
One way in which taxpayers can do a Paycheck Checkup is to use the Withholding Calculator. Checking withholding can help taxpayers protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time.
 
Taxpayer Advocate
The Taxpayer Advocate Service’s Tax Reform Changes website, available in English and Spanish, explains what is changing and what is not this year for individuals. Its interactive information can be reviewed by tax topic or line by line using a Form 1040 example and is updated to show the new 2018 Form 1040 references.

Tax reform
The main tax reform webpage on IRS.gov features information for individuals, but also takes users directly to info for people who are self-employed. It is also a great resource for anyone who does taxes or accounting for a business or charity.

IRS Tax Tips

December 17, 2018

Issue Number: Tax Reform Tax Tip 2018-194


Businesses can visit IRS.gov to find out how tax reform affects their bottom line

Business may find they have questions about how 2017’s tax reform legislation affects their organization and their bottom line. IRS.gov is a great place to find answers. Here are several pages on the IRS website that address tax reform. Businesses can bookmark these pages and check back often, as the IRS regularly updates them with new information.

Tax reform provisions that affect businesses
This is the main page for businesses. Users can link from this page out to more resources with additional information, which is organized in sections by topic. These sections include a plain language description and links to news releases, notices and other technical guidance. Here are a few of the main tax topics on this page and the subtopics highlighted in each section:

  • Income: taxation of foreign income, carried interest, and like-kind exchanges
  • Deductions and depreciation: fringe benefits, moving expenses, standard mileage rates, deduction for passthrough businesses, and business interest expenses
  • Credits: employer credit for paid family and medical leave, and the rehabilitation tax credit
  • Taxes: blended federal income tax and withholding
  • Accounting method changes
  • Opportunity zones

This page also includes information for specific industries, such as farming, insurance companies, and aircraft management services.

Tax reform resources
From this page, people can link to helpful products including news releases, tax reform tax tips, revenue procedures, fact sheets, FAQs and drop-in articles. Organizations can share these materials including the drop-in articles with employees, customers and volunteers to help them better understand tax reform.

Tax Cuts and Jobs Act: A comparison for businesses
This side-by-side comparison can help businesses understand the changes the new law made to previous law. It will help businesses then make decisions and plan accordingly. It covers changes to deductions, depreciation, expensing, tax credits, and other tax items that affect businesses.

Sincerely yours,

Jeanine

Jeanine Buben (Buben-Croy), MT, EA

Virtual Accountant and Enrolled Agent

Remote Business Solutions, Inc.

303-301-2677 (Offices)    303-619-8900 (Texts, Voicemails)   303-432-2455 (Faxes)

Buben.Jeanine@comcast.net (E-mails)     https://www.remotebusinesssolutionsinc.org (website)

Go to the Appointments tab of the website to book your appointments on Thursdays, Fridays, and Saturdays between 9a and 5p mountain time.  These are via telephone for one client or via teleconference for groups unless you request a face-to-face meeting in the memo section of the scheduler form. 

THANK YOU FOR YOUR BUSINESS AND/OR INTEREST IN REMOTE BUSINESS SOLUTIONS, INC.

Content Area 3

The 2018 fall planning classes will include discussion of the 2018 tax laws planning.  It will also discuss other aspects of financial planning.  You will need to integrate all types of financial planning into your planning to produce a comprehensive approach to managing your finances effectively.

Planning suggestions and forms will be posted when available.

Our monthly newsletters and Jeanine's Journal contain tax planning information for 2018.

Please check back with us at different times for new information.

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