In the run-up to tax season, the Internal Revenue Service, Congress and the Trump administration are already in high gear. The IRS has issued several notices with updates relevant to the upcoming tax filing season, and Congress – together with the Trump administration – is working hard to try to agree on a tax reform package which some say could be issued as soon as this year.
Updates issued recently by the IRS pertaining to the upcoming tax filing season (tax year 2017) and, in some cases, to tax year 2018 include:
- IRS increases penalties for income tax preparers in 2018 (CPA Practice Adviser)
- PTIN renewal season opens: (Accounting Today)
- IRS will enforce health coverage reporting on 2017 returns: (The Tax Adviser)
- IRS issues 2018 inflation-adjusted tax tables and many other tax provisions (The Tax Adviser)
- Social Security Administration announces small increase in 2018 wage base (The Tax Adviser)
- Many retirement plan dollar limits are changed for 2018 (Thomson Reuters Checkpoint)
- What’s new on the 2017 draft Form 1040 (Accounting Today)
Recent actions within Congress and the Trump administration, and related developments within the accounting profession, include:
- AICPA lays out tax reform priorities for GOP’s Bix Six: The American Institute of CPAs has sent its tax reform wish list to the half dozen Republicans who are leading a rewrite of the tax code. (Accounting Today)
- House passes budget blueprint, clearing path for tax overhaul (New York Times)
- Brady says goal is to release tax bill on Nov. 1: House Ways and Means Chairman Kevin Brady said a tax bill could be released Nov. 1 if the budget is passed this week. (Bloomberg)
- Republican tax plan could affect 401(k)s, despite Trump assurances: Republican tax writers on Capitol Hill are still considering changes to 401(k) retirement savings programs, downplaying President Donald Trump’s repeated pledges not to touch retirement accounts popular with middle-class Americans in the GOP tax overhaul. (ABC News)
- ACA road to repeal: What’s next? (CPA Practice Adviser)
With changes taking place on the road to tax reform on almost a daily basis, and with the volume of updates from the IRS, tax professionals aiming to provide valued services should take some advice themselves and engage in a thorough year-end review.
The MACPA offers extensive continuing education programs in tax and other subjects, including a number of popular annual tax seminars. Some of these seminars offer a simulcast option so you can tune in from your home or office, in addition to the in-person option to interact with instructors face-to-face and network with your peers.
Choose from among the following programs; take advantage of early bird discounts; programs offered on multiple days can be taken individually or as a series:
- Don Farmer Tax Workshops: Nov. 9 (Individual), Nov. 10 (Corporate), Dec. 1 (Federal tax update) Simulcasts are also available for all of the Don Farmer tax workshops.
- Advanced Tax institute: 13 (Current tax issues), Nov. 14 (Estate planning), Nov. 15 (Real estate and partnerships), Nov. 16 (SALT: State and Local Tax issues). ATI is offered in-person only.
- 1040 Fast Track by Art Werner: Dec. 14-15, 2017 (simulcast also available)
- 1040 Fast Track by Art Werner: Jan. 4-5, 2018 (simulcast also available)