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News

IRS issues 2018 standard mileage rates

  • 15 December 2017
  • Author: machele
  • Number of views: 3
  • 0 Comments
The optional standard mileage rates for business use of a vehicle will increase slightly in 2018, after decreasing in the two previous years, the IRS announced Thursday (Notice 2018-3). For business use of a car, van, pickup truck, or panel truck, the rate for 2018 will be 54.5 cents per mile, up from 53.5 cents per mile in 2017. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.

Senate passes tax reform bill

  • 7 December 2017
  • Author: machele
  • Number of views: 25
  • 0 Comments
The U.S. Senate passed its version of tax reform, the Tax Cuts and Jobs Act, H.R. 1, early Saturday morning by a vote of 51–49, with all Democrats, both independents, and one Republican voting no. The vote followed two long days of debate and amendments. The bill, as approved, differs significantly from the version that was introduced by the Senate Finance Committee.

Senate tax reform bill contains more changes

The Senate Finance Committee on Thursday evening approved its version of the Tax Cuts and Jobs Act, sending the bill to the full Senate for debate and a vote. The committee had spent the week amending the bill, and the final version includes some changes beyond those included in the chairman’s mark released on Tuesday. (For prior coverage, see “Senate Finance Committee Modifies Tax Reform Proposal.”)

The Senate is expected to take up the bill after it returns from its Thanksgiving recess.

House passes tax reform bill

The U.S. House of Representatives passed the Tax Cuts and Jobs Act bill, H.R. 1, by a vote of 227–205, on Thursday afternoon, with all Democrats and 13 Republicans voting no.

The legislation as passed had not been amended since its approval by the House Ways and Means Committee last week (see “House Ways and Means Approves Amended Tax Cuts and Jobs Bill,” for details).

The bill features four tax brackets for individuals, instead of the current seven; a larger standard deduction; the repeal of many itemized deductions; a reduction of the corporate income tax rate to 20%; repeal of the alternative minimum tax and, after 2023, the estate and generation-skipping taxes; and many other changes.

Senate Finance Committee modifies tax reform proposal

  • 16 November 2017
  • Author: machele
  • Number of views: 50
  • 0 Comments
After two days of markup, the Senate Finance Committee released a revised chairman’s mark of its version of the Tax Cuts and Jobs Act late on Tuesday. Among the many changes, the revised bill would sunset almost all tax changes affecting individuals after Dec. 31, 2025. This allows the bill to conform to the Senate’s budget reconciliation process, which requires bills to not increase the federal deficit for more than 10 years. The repeal of the alternative minimum tax would also sunset after 2025.
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