IRS

The bill initially hit a snag after the first vote, because the Senate Parliamentarian determined that three provisions in the bill may have violated Senate rules. The House is expected to revote on the bill on Wednesday morning. The Senate is ...

The House of Representatives passed the Tax Cuts and Jobs Act on Tuesday, the biggest change to tax laws since 1986. The bill passed on a mostly party line vote and now heads to the Senate where it is expected to see a close vote.

House and Senate Republicans have agreed to a new tax reform bill – the Tax Cuts and Jobs Act – by ironing out their differences in conference. Now the measure faces a vote in Congress before it can become law. As expected, the final version of the ...

The new tax reform bills that passed the House and Senate were built on the “need for speed.” Both versions were rushed along in the hopes of a final measure arriving on the president’s desk before Christmas. But haste makes waste and, in this case, ...

House Republicans approved their sweeping tax-cut package Thursday, setting up a showdown with the Senate, where Republicans are struggling to take a different approach.

The IRS urges all taxpayers to file a complete and accurate tax return by making sure they have all the documents before they file their return, including their 2016 tax return. This includes Forms W-2 from employers, Forms 1099 from banks and other ...

The current graduated seven-bracket structure would be reduced to four rates of 12%, 25%, 35% and 39.6%. The previous plan was based on only three brackets with a top rate of 35% and didn’t specify income amounts. Thus, this new plans preserves the ...

The plan would also repeal the alternative minimum tax (AMT) and the estate tax, while preserving the current status quo tax deferred treatment of 401(k) and similar accounts.