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The Tax Cuts and Jobs Act Impacts Itemizers
The Tax Cuts and Jobs Act Impacts Itemizers Individual tax filers who were accustomed to itemizing their deductions may be in for a surprise when they file their 2018 federal income taxes. Although the Tax Cuts and Jobs Act of 2017 (TCJA) is projected to reduce many families' overall tax liability, it is also likely...
Cryptocurrency-Savvy Tax Pros Fulfill a Niche Need
If you’ve been tracking the rise (and fall) of Bitcoin since before it began being publicly traded, you’re not alone: far from a flash in the pan, this decentralized cryptocurrency has gained a dedicated and expanding group of followers. And with more cryptocurrencies being created each day, this trend toward...
The U.S. Treasury's Response to State SALT Workarounds
The U.S. Treasury's Response to State SALT Workarounds The Tax Cuts and Jobs Act—which made some serious changes to the way taxpayers can deduct state and local taxes (SALT)—continues to make waves among high-tax states like New York, Connecticut, and Illinois. Although some of these states have already passed...
The Annual Filing Season Program Gains More Importance in 2018
The Annual Filing Season Program Gains More Importance in 2018 The congressional passage of the Tax Cuts and Jobs Act in December 2017 marked the biggest shift in federal tax law in several decades, and many preparers and taxpayers are still trying to figure out just how (and how much) this new tax law will impact...
What Should Tax Professionals Know About the Tax Cuts and Jobs Act?
What Should Tax Professionals Know About the Tax Cuts and Jobs Act? The 2017 Tax Cuts and Jobs Act (TCJA) made the most sweeping changes to tax laws in over three decades. But because of the intense Congressional negotiations leading up to the TCJA's passage, many taxpayers—and even tax...