This week we will be looking at some things currently being discussed by Congress. Republican lawmakers are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). As of this writing, there’s been no actual bill drafted. House Ways and Means Committee Chairman Kevin Brady (R-TX) released a broad outline of what the tax package may contain. One of the main themes of the proposed legislation is to make permanent certain p

Your individual tax return form could look a lot different next year. The IRS released a new draft version of the 2018 Form 1040, U.S. Individual Income Tax Return. The new form is markedly different from the 2017 version of the form and would replace the current Form 1040, as well as the Form 1040A and the Form 1040EZ. In addition to reflecting a number of changes made by the Tax Cuts and Jobs Act, the "postcard" draft form is about half the size of the current version and c

Some taxpayers will receive a letter from the IRS this summer. First, don’t panic and remember that taxpayers have fundamental rights when interacting with the agency. These rights are in the Taxpayer Bill of Rights. Among other things, these rights dictate that letters from the IRS must include: Details about what is owed such as tax, interest, and penalties. An explanation about why the taxes are owed. Specific reasons about why the IRS may have denied a refund claim. If yo