Federal Tax Reform Resource Center

Federal Tax Reform Resource Center

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Tax Reform Webinar: What You Need to Know (1:28:26) 

The tax professionals at LBMC help minimize the state and local tax burden and provide crucial information on an ongoing basis to assist in day-to-day operations. 

2018 Federal Tax Planning Guide2018 Federal Tax Planning Guide for Businesses

The 2018 Federal Tax Planning Guide for businesses and business owners is unlike any previous versions. This year, we focus on the changes that resulted from the largest tax reform in 30 years. This guide is an overview to provide insight into some of the main provisions.

LBMC Tax Time TipsLBMC Tax Time Tips

With most changes from the Tax Cuts and Jobs Act (TCJA) going into effect this year, it's a new day for tax planning. To save the most, become familiar with the changes and be sure you're taking advantage of every tax break you're entitled to. Stay up-to-date with our timely tips.

2018-19 Tax Planning Guide2018-19 Tax Planning Guide for Individuals

LBMC's 2018-2019 Tax Planning Guide provides an overview of the most consequential changes under the TCJA and other key tax provisions taxpayers need to know. Our guide offers a variety of strategies for minimizing taxes in the new tax environment. Download Today!

Tax News Updates

1/7/19: Sen. Ron Wyden (D-OR) has queried the IRS on penalty relief for underwithholding due to the Tax Cuts and Jobs Act (TCJA). Wyden is concerned that, due to the many TCJA changes, millions of taxpayers may have been underwithheld this past year and will face unexpected tax liability and penalties. Wyden noted that, due to the quick nature of the law’s implementation, the Treasury had to “jury-rig the current withholding allowance instead of properly revising the Form W-4 so that employees could update the number of allowances they claimed with their employers.”

1/4/19: Rep. Kevin Brady (R-TX), the outgoing Chairman of the House Ways and Means Committee, has released the “Tax Technical and Clerical Corrections Act.” It’s a discussion draft of technical corrections to the Tax Cuts and Jobs Act (TCJA) and other recent legislation. Among other provisions are corrections to the applicable recovery period for qualified improvement property and clarifications with respect to the new qualified business income deduction. However, congressional Democrats, now in majority in the U.S. House, have shown limited interest in making TCJA fixes.

1/3/19: The IRS says the qualified disability trust exemption isn’t subject to a phaseout. For tax years beginning after 12/31/17 and before 1/1/26, when the personal exemption amount is reduced to zero under the Tax Cuts and Jobs Act, the amount of a qualified disability trust’s exemption is $4,150, adjusted for inflation for tax years after 2019. The IRS has now clarified that, for 2018, the $4,150 exemption isn’t subject to a phaseout, reversing its earlier position. Taxpayers are instructed to not use the exemption worksheet in the 2018 Form 1041-ES instructions.

12/20/18: Avoid tax time surprises with an estimated payment, advises the IRS. The Tax Cuts and Jobs Act brought many changes, including lower tax rates for most people. While the IRS expects that most taxpayers will still get refunds, a larger-than-usual number of people will owe taxes and possibly penalties. At greatest risk are two-wage-earner households, employees with nonwage sources of income and those with complex tax situations. You may be able to avoid shortfalls by making an estimated payment for 2018 by the 1/15/19 deadline. Contact us for help.

Other Tax Reform Resources

* Please note that the roadmap files are updated on an ongoing basis. https://www.bna.com/tax-reform-roadmap