Big news from today’s CPA Practice Advisor — the IRS has finally released their new Publication 5307 on Tax Reform.
Publication 5307 focuses on the changes affecting 2018 federal income tax returns that must be filed in 2019. It includes valuable information about the following:
- Increases in the standard deduction;
- Changes to itemized deductions, including state and local tax (SALT) payments, mortgage interest, charitable contributions, casualty and theft losses and miscellaneous expense deductions;
- Suspension of personal exemptions;
- Removal of moving expense deduction and reimbursement exclusion;
- Changes for Child Tax Credit (CTC) and other family-based credits;
- Increase in alternative minimum tax (AMT) exemption amounts;
- Repeal of deduction for alimony payments;
- Reporting on health care coverage;Rules for recharacterizing a Roth conversion;
- Rules for retirement plan loans for employees leaving employment;Changes for ABLE plans; and
- Expansion of use of Section 529 accounts.
Taxpayers can access Publication 5307 at the IRS website in their “get ready” section.
Source: IRS Releases New Publication 5307 on Tax Reform | CPA Practice Advisor