IRS Posts Best Practices For Individual Mandate
The IRS has posted best practices for return preparers addressing
the Affordable Care Act’s individual shared
responsibility requirement, also known as the individual mandate.
The Tax Cuts and Jobs Act that the President signed just before Christmas is the most comprehensive change to our Tax Code since the Reagan Tax Reform Act of 1986.
There are still many questions as to how some of these new provisions will be interpreted by IRS. Numerous Tax Regulations will be forthcoming in 2018 to clarify some of the practical applications of the Bill's many new provisions.
Please refer to our Tax Update letter that was in your Organizer or mailed separately to you if you chose not to receive an Organizer.
While higher taxed states, which include Wisconsin, did not benefit as much as lower taxed states, we do foresee an overall tax decrease for most of our clients.
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If you are an existing client, we thank you for your past patronage and we look forward to continuing a great working relationship for years to come.
If you need assistance with any of these or other areas, please do not hesitate to contact us.
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