New website from the Taxpayer Advocate Service (TAS) sheds light on tax reform changes

In light of the Tax Cuts and Jobs Act, the Taxpayaer Advocate Service (TAS) has launched a new website, Tax Reform Changes. The website lists key tax return items under current law (2017), shows which ones have been impacted by the TCJA, and illustrates how the changes will be reflected on tax year 2018 returns filed in 2019.

Taxpayers can navigate the website by viewing key tax return topics or seeing them illustrated on a 2017 Form 1040. The line-by-line explanations allow taxpayers to see how the new law may change their tax filings and to consider how to plan for these changes. The site will incorporate updated information as it becomes available.

The new website also allows taxpayers and professionals to sign up to receive email notifications when updates occur. If a taxpayer determines the TCJA will impact his or her tax liability, he or she should make withholding adjustments by filing a new Form W-4, Employee’s Withholding Allowance Certificate, with employers.

If we may be of assistance as you learn more about the TCJA, please contact us to setup an appointment.  Carpe Diem 2018!