Tax News Round-up for Week of April 23

23rd Apr 2018

tablet and newspaper

Here’s a round-up of news article related to the new tax law.

With New Tax Law, I.R.S. Urges Taxpayers to Review Withholdings

The Internal Revenue Service is urging taxpayers to do a “paycheck checkup” to make sure they are having their employers withhold the correct amount of taxes. It is especially important this year because of the changes in the tax code with the new Tax Cuts and Jobs Act.

Via New York Times

The Intersection of Choice of Entity and Estate Planning

The Tax Cuts and Jobs Act reduced the income tax rate for C corporations from 35% to 21% in 2018, prompting owners of pass-through entities to work with their advisors to determine if it is beneficial to convert their entities to C corps.

Via Wealth Management

April 2019 Tax Bills May Catch Some Americans Off Guard

Most Americans will owe less in taxes as a result of the new tax code , but in a few jurisdictions, about one in 10 will be paying more, according to an analysis released by the Tax Policy Center.

Via Bloomberg

Tax Reform Provides Boost To Small Business Retirement Plans

A new tax deduction in the Tax Cuts and Jobs Act provides a boost to defined benefit retirement plans for small businesses.

Via Forbes

Rich Americans Have Found Yet Another Tax Loophole

Highly paid professionals including doctors and lawyers are eyeing a loophole in what’s supposed to be a mom-and-pop benefit of the Tax Cut and Jobs Act as a way to supersize their savings.

Via Bloomberg

Congrats, You Filed Your 2017 Taxes. Now It’s really Important to Do One More Thing.

2018 taxes are going down, but your refund will likely be less. Visit athe IRS 2018 Withholding Calculator to see what your refund — or what you owe — may be.

Via Washington Post

 

 

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