It’s that time of year again when individual tax planning for the current year is key. When reviewing your 2017 year for tax planning, it is important to know the changes and updates to Form 1040 which could have an impact on the amount you pay in taxes.
On September 27th, the Trump Administration, along with the House Ways and Means Committee and the Senate Committee on Finance released a unified framework for fixing our tax system.
Last December when Congress passed the Protecting Americans from Tax Hikes Act of 2015, or PATH Act as it is more commonly known, many tax provisions were impacted.
In accordance with President Trump’s executive order calling on agencies to ease up on ACA (Obamacare) regulations, the IRS made changes whereby it will not reject a 2016 tax return for processing just because the taxpayer does not indicate their coverage status in Box 61.
On December 13, 2016, President Obama signed into law the “21 Century Cures Act”.
By now, you’re probably familiar with FATCA… similar to the OECD’s Common Reporting Standards (CRS),