Tax Cuts and Jobs Act (TCJA) and Your 2018 Tax Returns

It has been a year since President Trump signed into law the Tax Cuts and Jobs Act (TCJA). ¬†As outlined below, these sweeping new tax provisions are complex and¬†extra time and resources are required¬†to ensure we properly report each applicable tax situation. Tax Forms Have Changed and/or Have Additional Schedules. To accommodate the many changes […]

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Final Regulations Issued on New Qualified Business Income Deduction

The Treasury Department and the IRS have issued final regulations and three related pieces of guidance, implementing the¬†new ¬†and very complicated¬†qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to […]

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IRS Confirms Tax Filing Season to Begin Jan. 28

Despite the government shutdown, the IRS has confirmed that it will process tax returns beginning Jan. 28, 2019, and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this […]

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1099 ALERT!

1099 FORMS ARE NOT OPTIONAL – THEY’RE REQUIRED BY LAW- Werdann DeVito LLC wanted to provide this reminder to ensure that you meet your obligation for all 2018 payments to unincorporated individuals and businesses of $600 or more (rents, services, prizes, attorney fees, etc.).¬†The IRS is increasingly focusing their attention in this area since it […]

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