Tax and Finance Management

Tax Cuts and Jobs Act Impacts 2018 Filing Season

Even before the federal government shut-down, there was plenty of complexity going into the 2018 tax-filing season. Here’s food-for-thought from OMA Connections Partner RSM:

“The one-year anniversary of the signing of sweeping tax law changes under the law commonly referred to as the Tax Cuts and Jobs Act (TCJA) brings a new challenge, the need for taxpayers, practitioners, and the IRS to implement the most significant changes in over 30 years as they prepare their tax filings. While few would suggest filing taxes as one of their favorite activities, unfortunately, based on a report from the Treasury Inspector General for Tax Administration (TIGTA), the 2019 filing season will likely present additional headaches. Based on the report by TIGTA, the IRS has fallen behind on necessary forms, procedures, and guidance for taxpayers to file their 2018 taxes. The delays in IRS readiness and the complexity of the tax law changes will create challenges for taxpayers and their advisors. At a minimum, taxpayers should be prepared to extend and file their returns later in the year, even if they have previously filed by the March or April 15 deadlines. Taxpayers should consult their tax adviser and make a plan to address the appropriate timing and additional steps necessary to file their 2018 returns.”

Here’s more from RSM. 1/7/2019

“Live Telephone Assistance is Not Available at This Time”

Here’s a short summary from OMA Connections Partner Clark Schaefer Hackett (CSH) about tax filing concerns given the federal government shutdown.

According to CSH, regardless of how IRS operations proceed, taxpayers still need to comply with the filing deadlines. Individual taxpayers in every state but Maine and Massachusetts must file by April 15, 2019. 1/10/2019