The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and is on its way to the White House. H.R. 1, as approved by Congress, impacts virtually every individual and business on a level not seen in over 30 years. As with any tax bill, however, there will be "winners" and "losers." This historic bill calls for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, enhancing the child tax credit, boosting business expensing, and more. The bill also impacts the Affordable Care Act (ACA), effectively repealing the individual shared responsibility requirement. Highlights:
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Today, during a meeting at the IRS, the head of the IRS Tax Reform Office told NSA EVP John Ams that the 199A regulations will be released in mid-July. In addition to the expected release date, EVP Ams ...
Treasury Secretary Mnuchin announced the department will unveil a new Form 1040, U.S. Individual Income Tax Return, next week that will come in the shape of a postcard “as promised.”
In the lead-up ...
As a service to our members at the upcoming NSA Annual Convention in Minneapolis, the NSA Accounting Standards Committee will offer to critique financial statements prepared by your office. The statements ...
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