IRS’ Tax Reform page October 2018 Tax News

The Tax Cuts and Jobs Act will affect individuals, businesses, tax exempt, and government entities.

The IRS Tax Reform information page and other resources are available to help taxpayers better understand the impacts from this major legislation. This page contains news, guidance, forms and instructions, and resources.

For example, here is the information given for itemized deductions:

• Deduction for personal casualty and theft losses suspended (unless incurred in federally-declared disaster area)
• Limitations to the deduction for state and local taxes
• Limitations to the deduction for home mortgage interest in certain cases
• Eliminating most miscellaneous itemized deductions such as:
  1. Deductions for employee business expenses
  2. Tax preparation fees
  3. Investment expenses, including investment management fees
  4. Employment related educational expenses
  5. Job search expenses
  6. Hobby losses
  7. Safe deposit box fees
  8. Investment expenses from pass-through entities
• Eliminated the limitation on itemized deductions for certain high-income taxpayers.

Resources:

• IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017IR-2017-210
• Interest on Home Equity Loans Often Still Deductible Under New Law IR-2018-32
• IRS issues notice on state and local tax deductions IR-2018-122
• Law change affects moving, mileage and travel expenses IR-2018-127

The information provided by IRS is concise and includes references where appropriate. Similar information is provided on a wide variety of topics for businesses and other entities, including the new 20 percent deduction for pass-through businesses.

The IRS updates this page frequently and we hope you will find it to be a useful resource.