April 15th is behind us, but….
Today, Wolters Kluwer Tax & Accounting announced the publication of its “2019 Post-Filing Season Update,” available as a complimentary download through the CCH® AnswerConnect online research platform. The briefing highlights key developments during the filing season that will impact taxpayers for the remainder of 2019.
The rest of the story
“The IRS was able to keep promulgating tax guidance even during the government shutdown at the beginning of 2019 and has continued since,” said Mark Luscombe, JD, LL.M, CPA, and Principal Federal Tax analyst for Wolters Kluwer Tax & Accounting. “This tax briefing is designed to bring you up-to-date on what has been happening while everyone was focused on tax return preparation.”
Key items included in the 2019 tax developments are:
- Filing of Tax Extensions. Many tax practitioners report filing an increased number of extensions this year due to the complexities of the Tax Cuts and Jobs Act. Hence this promises an unusually active “second” tax filing season for 2019.
- IRS Guidance. The IRS continues to issue guidance implementing the Tax Cuts and Jobs Act as well as addressing other matters. The most recent sets of guidance under the Tax Cuts and Jobs Act are proposed regulations with respect to the FDII and GILTI deductions and a safe harbor after the year of acquisition for taxpayers claiming 100 percent bonus depreciation on vehicles subject to the luxury auto depreciation caps.
- Tax Legislation Moving Through Congress. The House has passed IRS reform legislation and the Ways and Means Committee has approved retirement reform legislation. Congress is also considering legislation to make technical corrections to the Tax Cuts and Jobs Act. These corrections include extending tax breaks that expired at the end of 2017, and provide disaster relief.
Get the latest info
It pays to stay informed from a trusted source. With this said, the Tax Briefing from Wolters Kluwer Tax & Accounting dated April 18, 2019 and titled “2019 Post-Filing Season Update” is available for download now.
To read the original Business Wire press release click here.
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