Key Tax Developments, Quarter 3, 2017

There have been some major tax developments over 2017’s third quarter, with many more to come for 2018. Here are some of the tax updates that may affect you, your family, or your business.

“Disaster Tax Relief and Airport and Airway Extension Act” signed into law

Individuals and businesses affected by Hurricanes Harvey, Irma, and Maria will receive temporary tax and administrative relief with a law signed by President Trump on September 29.

Treasury to roll up myRA program

Due to low demand, the Treasury Department will begin winding down the myRA (my Retirement Account) program in the next few months.

Per-diem increase for post-Sept. 30 travel

The IRS has increased the “high-low” simplified per-diem rates for any travel made after September 30, 2017. The per-diem for high-cost areas is up from $282 to $284, and the rate for all other localities is up from $189 to $191.

Court rules “honest mistake” not an excuse for incorrectly claimed premium tax credit

In a landmark case, the Tax Court ruled that taxpayers who have incorrectly claimed the advance premium tax credit under the Affordable Care Act would have to repay all the tax credit payments.

Safe harbor for financially distressed homeowners extended

The IRS has extended guidance on the tax consequences of programs that involve payments made to or on behalf of financially distressed homeowners to include tax years 2010-2021.

Call Burkett Burkett & Burkett, Certified Public Accountants, P.A. with any questions you may have or for assistance navigating these changes. Read the full article here.