Trust and Estates and Itemized Deductions
On Friday July 13, 2018, the IRS announced they will be publishing regulations related the suspension of miscellaneous itemized deductions and how it impacts non-grantor trusts and estate filings starting with tax year 2018. Currently the Tax Cuts and Jobs…
Tax Cuts and Jobs Acts Brings Postcard 1040
The 2017 Federal Form 1040, U.S. Personal Income Tax Return is 79 lines long consisting of a slew of income items, deductions, non-refundable credits, additional taxes, and refundable credits. The latest draft 2018 Federal Form 1040 Simplified, U.S. Personal Income Tax Return only has 23 lines. What happened to the other line items? Majority of those items have now been moved to six different tax schedules that can be attached to the Form 1040 Simplified.
July 1, 2018 Oregon Payroll Updates
As of July 1, 2018, there are two new changes that are in place for employers and employees in the state of Oregon. Minimum wage will be receiving an increase and there is a new tax that has begun as…