2018 Legislation. More Law Changes From Congress Early 2018
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1 Updated slides are at C Corporations 2018 Legislation Chapter 4 More Law Changes From Congress Early 2018 P.L (1/22/18) Funding gov t A few ACA changes P.L (2/9/18) Funding gov t + CHIP through FY2023 Retroactive reinstatement of provisions that expired at 12/31/16 P.L (3/23/18) Fund gov t to 9/30/18 Tech corrections to partnership audit regime Fix 199A grain glitch 2
2 P.L (1/22/18) 2 Fund gov t to 2/8/18 (rather than 1/19/18) Suspend Certain ACA Taxes 1. Medical Device Excise Tax ( 4191) Extends the 2016 through 2017 suspension through Cadillac Tax ( 4980I) Extends suspension through 2021 (had been through 2019) 3. Annual Fee on Health Insurance Providers ( 9010(j) of ACA) Suspended for P.L (2/9/18) p. 4-2, 5-4 Fund gov t through 3/23/18 (rather than 2/8/18) 30+ items expired at 12/31/16 renewed one year Disaster relief 2017 CA wildfires declared disaster area, various relief for IRA distributions, employer retention credit, others Several other changes see outline links
3 P.L Extenders 3 IRS had to retroactively update 2017 forms and computers Affected 14 forms and some pubs
4 Misc. (but significant) Changes in PL PL (2/9/18) Changes to 911 Exclusion, effective starting 2018 Modifies tax home for workers of certain contractors that support Armed Forces in designated combat zones. As revised: (3) TAX HOME. The term tax home means, with respect to any individual, such individual s home for purposes of section 162(a)(2) (relating to traveling expenses while away from home). An individual shall not be treated as having a tax home in a foreign country for any period for which his abode is within the United States, unless such individual is serving in an area designated by the President of the United States by Executive order as a combat zone for purposes of section 112 in support of the Armed Forces of the United States. 8
5 More info from IRS 5 IR (8/24/18) No other exclusion can be applied, deduction or credit related to the income. As before, n/a to federal employees or members of military, although service members in combat zones qualify for combat pay exclusion. Also see Pub 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad. 9 PL Creates Form 1040SR Simplified filing requirements for individuals 65 years of age and older Includes Social Security income Retirement plan distributions Interest and dividend income Capital gains/losses No income limit on using it Effective for 2019 tax years Has been proposed before (such as HR 2721 (115 th Congress)) 10
6 PL Amends TCJA 6 PL , sec created new excise tax on investment income of private colleges and universities if have at least 500 students. PL adds back tuition-paying students that was removed from PL due to budget reconciliation rules. IRC 4968(b) Others as well, such as Opportunity Zones for Puerto Rico 11 JCT Releases Expiring Provisions Update after P.L (2/9/18) JCT, Federal Tax Provisions Expired In 2017, JCX-5-18 (3/9/18) Provides estimate of cost to make the 26 items that were extended for 2017, permanent. Cost is $92.5 billion over 10 years. 2 items extended by PL ignored because repealed by TCJA (such as 199 Puerto Rico item) Some of the items had been extended up to 9 times (accelerated depreciation on Indian reservation). 12
7 Ways & Means Hearing on Extenders 7 3/14/18 Post Tax Reform Evaluation of Recently Expired Tax Provisions 21 witnesses, mostly those in support of a particular expired item. A few policy witnesses General sentiment credits are subsidies, poor tax policy and if needed, should move outside of tax system for better oversight Heritage Foundation on 222 above the line tuition deduction helps enhance future earnings capacity so supportable. All 13 of the energy tax provisions are unwarranted tax preferences. Committee for a Responsible Federal Budget extenders are generally poor policy + with the dire fiscal situation, we can t keep debt-financing tax extenders. Institute on Taxation and Economic Policy witness 3 questions for evaluating provisions: 1. Does the tax provision serve a compelling public interest? 2. Does the tax provision achieve a compelling public interest in a cost-effective way? 3. If the passage of a tax provision is worthwhile, how should it be paid for? 13 P.L (3/23/18), Consolidated Appropriations Act, 2018 Funds gov t to end of FY2018 Some technical corrections to pre-2017 legislation Including for partnership audit regime. A few TCJA changes including grain glitch (modified 199A(a) and (g)). Some deadwood cleanup. 14
8 Government Funding through 12/7/18 8 P.L (9/28/18; HR 6157) 15 H.J.Res. 143, Continuing Resolution (P.L (12/7/18) Funds government through 12/21/18 12/6 passed in House and Senate 12/7 President signed 16
9 Government Shutdown on 12/22/18 In enacting the TCJA, Congress provided the Treasury Department with funds that will remain available until September 30, See Consolidated Appropriations Act, 2018, Pub. L. No , Div. E, Title I, 113 (Mar. 23, 2018). Thus, some implementation activities would not be affected by a lapse in appropriations in Fiscal Year Additional activities would continue to protect incoming tax revenues during the upcoming filing season. (Some of these functions could also be deemed necessary to support the functions funded by two-year TCJA funds.) The excepted positions required to carry out identified activities to implement the TCJA for the upcoming Filing Season are identified within each Business Unit plan where these activities are carried out. Two-year TCJA funds are expended based on TCJA implementation work performed by employees and tracked via unique TCJA internal order codes. Supplement 17 9
2018 Legislation. More Law Changes From Congress Early 2018
Updated slides are at http://mntaxclass.com. C Corporations 2018 Legislation Chapter 4 More Law Changes From Congress Early 2018 P.L. 115-120 (1/22/18) Funding gov t A few ACA changes P.L. 115-123 (2/9/18)
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The Tax Cuts and Jobs Act: An Executive Summary by Daniel B. Geraghty daniel.geraghty@huschblackwell.com 414.978.5518 by Kyle J. Gilster kyle.gilster@huschblackwell.com 202.378.2303 CLIENT ALERT NOVEMBER
Tax Deductions for Individuals: A Summary
Sean Lowry Analyst in Public Finance January 8, 2014 CRS Report for Congress Prepared for Members and Committees of Congress Congressional Research Service 7-5700 www.crs.gov R42872 Summary Every tax filer