IRS publishes ‘user-friendly guide’ to Tax Cuts and Jobs Act

February 22, 2019
By staff writer
News

While sources in Washington continue to suggest that tweaks may yet be made to Donald Trump’s 2017 tax overhaul, U.S. taxpayers, and their accountants, are having to get on with filing their 2018 tax returns...

Likewise, the IRS also has had to proceed as though the current version of the TCJA is final, however flawed some critics may claim it is, particularly when it comes to taxing non-resident Americans who own stakes in overseas businesses.

A measure of the IRS’s matter-of-fact acceptance of the current TCJA package is its release the other day of a 14-page guide it calls “Tax Reform Basics for Individuals and Families”, otherwise known as publication 5307.

“This publication covers some of the provisions of the TCJA,” the guide explains in an introduction.

“It provides information for you and your family to help you understand, take action – if necessary – and comply with your federal tax return filing requirements.”

To read and download the guide, click here.

Dubai-based tax expert Virginia La Torre Jeker, who mentions the IRS guide on her U.S. tax blog, calls it "a useful overview to help professionals and their clients understand the new tax law and comply with filing requirements."