A quick Snapshot at IRS Tax Reform...Get the picture....
The IRS Tax Reform information page and other resources are available to help taxpayers better understand the impacts from this major legislation. This page contains news, guidance, forms and instructions, and resources.
For example, here is the information given for itemized deductions:
Deduction for personal casualty and theft losses suspended (unless incurred in federally-declared disaster area)
Limitations to the deduction for state and local taxes
Limitations to the deduction for home mortgage interest in certain cases
Eliminating most miscellaneous itemized deductions such as:
Deductions for employee business expenses
Tax preparation fees
Investment expenses, including investment management fees
Employment related educational expenses
Job search expenses
Safe deposit box fees
Investment expenses from pass-through entities
Eliminated the limitation on itemized deductions for certain high-income taxpayers.
The information provided by IRS is concise and includes references where appropriate. Similar information is provided on a wide variety of topics for businesses and other entities, including the new 20 percent deduction for pass-through businesses.
The IRS updates this page frequently and we hope you will find it to be a useful resource.
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