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PTO Tax Year 2018 Tax Reform Information and Updates

This announcement page will be updated each time new information is available regarding updates to the ProConnect Tax Online (PTO) program in relation to the Tax Year 2018 Tax Reform.

This announcement can be 'followed' in order to receive an email notification each time a new item is posted.

Please click the following link for instructions to set up your email notifications: https://accountants-community.intuit.com/articles/1635808&src=lsccom


6 updates

August 20, 2018 Update: IRS Tax Tip 2018-115  - Resources on IRS.gov Help All Taxpayers Understand Tax Reform

  • Tax Reform Web Page. The Tax Reform page highlights what taxpayers need to know about the tax law changes and how these changes affect them. This page also links taxpayers and tax professionals to news releases, tax tips, publications, notices, and legal guidance related to the legislation.
  • Updated Withholding Calculator. The IRS encourages everyone to use the Withholding Calculator to perform a “Paycheck Checkup,” which is even more important this year because of the tax law changes. The calculator helps taxpayers determine if they’re having the right amount of tax withheld from their paychecks.

  • Updated Form W-4, Employee’s Withholding Allowance Certificate. Taxpayers who determine they need to make changes to their withholding can complete a Form W-4, which reflects the tax law changes. Employees will submit the completed Form W-4 to their employers.

  • Frequently Asked Questions. The IRS posted new FAQs to help people understand how to use the Withholding Calculator and the changes to the Withholding Tables.


Also, just a friendly reminder that the Intuit ProConnect Tax Pro Center is continually updated with new information.  With Tax Year 2018 quickly approaching, we want to make sure you have the most current information in one convenient location.  https://taxprocenter.proconnect.intuit.com


September 4, 2018 Update:  The following articles will be updated as new information is available.


2018 Individual and Business Tax Reform - Summary of Changes: https://accountants-community.intuit.com/articles/1748911&src=ptocom


2018 Tax Reform - Frequently Asked Questions: https://accountants-community.intuit.com/articles/1747682&src=ptocom




September 7, 2018 Update: The following article has been added for TY 2018 program input changes and can also be found in the "2018 Individual and Business Tax Reform - Summary of Changes" article.

2018 Tax Reform - Moving Expenses: https://accountants-community.intuit.com/articles/1750172-2018-tax-reform-moving-expense&src=ptocom




September 7, 2018 Update: The following article has been added for TY 2018 program input changes and can also be found in the "2018 Individual and Business Tax Reform - Summary of Changes" article.

2018 Tax Reform - Personal Casualty Losses Deduction: https://accountants-community.intuit.com/articles/1750237-2018-tax-reform-personal-casualty-loss-deduction&src=ptocom



October 30, 2018:  Qualified Business Income (QBI) Resources

The Following Articles are Frequently Asked Questions Regarding -  Qualified Business Income (QBI): https://accountants-community.intuit.com/articles/1776433&src=ptocom

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November 2, 2018: 

The Tax Cuts and Jobs Act (TCJA) established additional limitations on the deductibility of certain business meals and entertainment expenses.  Under the act, entertainment expenses incurred or paid after December 31, 2017 are nondeductible unless they fall under the specific exemptions in Code Section 274(e).  For your convenience, we have provided a comprehensive chart to summarize proper treatment for many types of meals and entertainment expenditures, under the law applicable both before and after the act.  To review the recent IRS guidance on Meals and Entertainment business expense deduction, see Notice 2018-76

Meals and Entertainment Changes Under Tax Reform:  https://accountants-community.intuit.com/articles/1777005&src=ptocom 

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November 5, 2018:

Form 2106 - Suspension of Miscellaneous Deductions Subject to the 2% Floor Under Section 67(a) and Disallowed Entertainment Expenses

  • For taxable years, beginning after December 31, 2017, and before January 1, 2026, miscellaneous itemized deductions subject to the 2% floor under section 37(a) will be suspended.
  • Employees who are not (1) armed forces reservists, (2) qualified performing artists, (3) fee-basis state or local government officials, and (4) employees with impairment-related work expenses may not use Form 2106.
  • Entertainment expenses will be disallowed after December 31, 2017.
  • Form 2106-EZ has been retired for Tax Year 2018.

Tax Reform - Employee Business Expense Form 2106:  https://accountants-community.intuit.com/articles/1777948&src=ptocom




November 12, 2018:

Kiddie Tax Changes - Children (under 18) with unearned income over $2,100 required to file Form 8615 are no longer taxed at their parents' tax rate. Instead, they will be taxed at fiduciary rates.

Tax Reform - Tax for Certain Children Who Have Unearned Income (8615): https://accountants-community.intuit.com/articles/1778617&src=ptocom