The 2019 tax filing season will look dramatically different from recent years, due to the Tax Cuts and Jobs Act (TCJA) – the sweeping tax reform law changing the entire tax landscape. Designed to provide quick and easy answers to critical tax questions, the 2019 Federal Tax Handbook provides tax and accounting professionals with important coverage of the TCJA, as well as subsequently issued guidance implementing this massive and complex law, including regulatory guidance, new forms, and instructions. The 2019 Federal Tax Handbook will help tax and accounting professionals deal with the changes in the 2018 tax year and plan for 2019 and beyond.
The 2019 Federal Tax Handbook provides guidance on the most significant new-for-2018 TCJA provisions affecting you and your clients, including:
- The new Code Sec. 199A “pass-through” deduction for qualified business income, as modified by post-TCJA legislation
- New individual income tax rates, and standard deductions that are almost doubled from 2017
- The new deferral election for “qualified equity grants” received by employees
- The newly reduced corporate income tax rate and repeal of the corporate alternative minimum tax
- The suspension of personal exemptions and a variety of other deductions, as well as changed rules for state and local tax deductions
- New limitations on business interest deductions and modified rules governing net operating losses (NOLs)
- Increased bonus depreciation and expensing provisions
- New rules governing the taxation of multinational entities, including the “participation exemption” system for certain dividends from foreign subsidiaries
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