Hot off the Press: IRS User-Friendly Guides Explain TCJA Basics

Tax simplification was an enunciated goal of the Tax Cuts and Jobs Act (TCJA) enacted in December 2017… but it was certainly a goal that remains unmet.  The Internal Revenue Service (IRS) itself has estimated that due to TCJA it needs to create or revise more than 400 taxpayer forms, instructions and publications for the filing season that just started in 2019.  This is more than double the number of forms it would have to create or revise in a typical year.  Add to that burden, the government shutdowns, depleted IRS staff and complexity of the new tax rules and you have a recipe for disaster.

The IRS has tried to soften the blow by issuing Publication 5307, Tax Reform – Basics for Individuals and Families. It’s a useful overview to help professionals and their clients understand the new tax law and comply with filing requirements.

IRS has also issued Publication 5318 Tax Reform – What’s New for Your Business. This publication covers many of the TCJA provisions relevant to small and medium-sized businesses and their owners. I noticed however that there is no coverage of the foreign/international provisions. Maybe a separate publication is on the way (?), or perhaps the IRS is still too confused over these new rules.

You may find these publications useful in preparing or understanding those 2018 tax returns!  Good luck, everybody. You certainly will need it!

Posted February 23, 2019

All the US tax information you need, every week –

Just follow me on Twitter @VLJeker (listed in Forbes, Top 100 Must-Follow Tax Twitter Accounts 2017-2019).

Subscribe to Virginia – US Tax Talk  to receive my weekly US tax blog posts in your inbox.

Visit my earlier US tax blog “Let’s Talk About US Tax” hosted by AngloInfo since 2011, it contains all my old posts. Some hyperlinks to my blog posts on AngloInfo may have expired.  If you copy the expired URL, you can most likely retrieve the actual post by using the “Wayback Machine” which is an archiving service.  Simply paste the URL into the Wayback Machine search box. It will show you the archived post was saved on a specific date. Click on that date to retrieve the post.

 

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.