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The House on April 18 approved the two largest bills of a bipartisan IRS reform package. On April 17, the House approved seven other bills, by voice vote, which are also part of the larger bipartisan package. Its aim is to restructure the IRS for the first time in 20 years. The entire package of bills was approved by the Ways and Means Committee several weeks ago.


The IRS provided an additional day for taxpayers to file and pay their taxes, following system issues that surfaced early on April 17. Individuals and businesses with a filing or payment due date of April 17 had until midnight on Wednesday, April 18, to file returns and pay taxes. Taxpayers did not need to take extra actions to receive the extra time.


The White House and Republican lawmakers are continuing discussions focused on a second round of tax reform, according to President Trump’s top economic advisor. National Economic Council Director Lawrence Kudlow said in an April 5 interview that Trump and House Ways and Means Committee Chairman Kevin Brady, R-Tex., spoke earlier in the week again about a "phase two" of tax reform


Certain proposed regulations issued by Treasury will now be subject to additional oversight by the Office of Management and Budget (OMB). A Memorandum of Agreement (MOA) between Treasury and OMB released on April 12 specifies terms under which the Office of Information and Regulatory Affairs (OIRA) within OMB will review future tax regulations.


The IRS is already working on implementing tax reform, according to IRS Acting Commissioner David Kautter. Speaking at a Tax Executives Institute event in Washington, D.C., Kautter discussed current IRS efforts toward implementing tax law changes under the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).


Technical corrections to the partnership audit rules were included in the bipartisan Consolidated Appropriations Act (CAA), 2018 ( P.L. 115-141), which was signed by President Trump on March 23. The omnibus spending package, which provides funding for the government and federal agencies through September 30, contains several tax provisions, including technical corrections to the partnership audit provisions of the Bipartisan Budget Act (BBA) of 2015 ( P.L. 114-74).


A taxpayer who may have misplaced or lost a copy of his tax return that was already filed with the IRS or whose copy may have been destroyed in a fire, flood, or other disaster may need information contained on that return in order to complete his or her return for the current year. In addition, an individual may be required by a governmental agency or other entity, such as a mortgage lender or the Small Business Administration, to supply a copy of his or a related party's tax return.


Every business owner knows that he or she is responsible for payroll taxes for employees but not for independent contractors. This is the general rule, but like every rule in the Tax Code, there are exceptions.


I sold a small piece of property two years ago. Going through my records recently I realized that the gain on that sale was never reported on my tax return. What should I do now?


A new IRS ruling confirms that HRAs are entitled to significant tax breaks. Properly structured, they can provide a deduction for the business, tax-free benefits for employees, and more direct and personal control over health care costs…a classic "win-win" situation, compliments of the tax code.


U.S. Savings Bonds can be a relatively risk-free investment during time of upheaval in the stock market, such as we are experiencing now. There are two different types of savings bonds for tax purposes. The first includes Series EE bonds and Series I bonds. If you invest in these bonds, you have a choice of reporting interest as it accrues each year you hold the bond until you sell it or redeem it. A second category consists of a special type of savings bond, HH bonds, on which income generally must be reported as accrued.


Generally, if you do volunteer work for a charity, you are not entitled to deduct the cost of services you perform for the charity. However, if in connection with the volunteer work you incur out-of-pocket expenses, you may be entitled to deduct some of those expenses.