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Change is in The Air

Change is in The Air
March 8, 2018 sdcdev
Change is in The Air

In February the IRS made a few changes by modifying tax provisions for last year. Now, change is good most of the time, but it’s not always easy. Sometimes it can mean stepping back and going in another direction.

A recent example is a change made in the Budget Bipartisan Act of 2018. On February 9th it extended and modified numerous tax provisions covering 2017.

In response to these modifications, the IRS is incrementally updating the needed forms. They’re also completing programming and testing of their processing systems to reflect each provision of the legislation.

 

What Does This Mean to Taxpayers?

More work for you/good news for many taxpayers – which can mean good news for you if you’re using the IRS Solutions software in your tax business.

 

Members Only Benefits

IRS Solutions Software gives you the confidence to provide services you may have been uncomfortable with in the past.

 

The new legislation means they may now file tax returns claiming one or more of the following:

  •  Extension and modification of exclusion from gross income of discharge of qualified principal residence indebtedness
  • Form 1040, U.S. Individual Income Tax Return
  • Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness
     
  •  Extension of mortgage insurance premiums treated as qualified residence interest
  •  Extension of above-the-line deduction for qualified tuitions and related expenses
  • Form 1040, U.S. Individual Income Tax Return
  • Form 1040 A, U.S. Individual Income Tax Return
  • Form 8917, Tuition and Fees Deduction
  • Form 8689, Allocation of Individual Income Tax to the U.S. Virgin Islands
  • Form 5074, Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands

 

The IRS released and is reposting the revised impacted forms, instructions, and publications on the IRS website at this link: www.irs.gov/DownloadForms.

Scan the links above to find updated digital versions. Updated forms will not be printed. They will only be available on www.IRS.gov.

If your clients have already filed their 2017 federal tax returns and are eligible for any of the benefits included in the new law, it will be a good idea to review their returns. In some cases you may want to advise them to consider filing an amended return using Form 1040X.

 

Is Information About Submitting 2017 Tax Returns Available?

The IRS is currently compiling information regarding taxpayers’ submissions of 2017 tax returns reflecting the other sections of the Feb. 9 legislation. This information will be provided as the IRS completes related work and coordination with the tax industry.

As a member, IRS Solutions Software gives you the confidence to provide services you may have been uncomfortable with in the past. Another benefit of membership is the training you get on our monthly case study calls.

 

Would you like access to our webinar series? We’d love to have you!

 

Sign up to IRS Solutions Software and Gain Access to our Informative Monthly Case Study Webinars on the 4th Thursday of Every Month at 10am.

 

March Webinar

 

On Thursday, March 22nd @ 10am our March webinar discusses Hiding in Plain Sight: How to stop collection activities for your clients who can’t pay. Learn how to save your clients by stopping the IRS from taking action. 

 

NOTE: Be sure to catch our next blog article highlighting 3 popular tax benefits retroactively renewed for 2017.

 

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