Overview
OIRA Completes Review of Proposed Section 163(j) Regulations: Today, the Office of Information and Regulatory Affairs (OIRA) completed its review of proposed regulations under section 163(j).
IRS Reminds Employers of Deadline to File Wage Statements: Today, the IRS issued a reminder to employers and other businesses that January 31 remains the filing deadline for wage statements and independent contractor forms. The Protecting Americans from Tax Hikes (PATH) Act of 2015 started a requirement for employers to file their copies of Form W-2 and Form W-3 with the Social Security Administration by January 31. Certain Forms 1099-MISC filed with the IRS to report non-employee compensation to independent contractors are also due at this time.
IRS Says Number of Taxpayers Who Itemize is Likely to Decrease: Today, the IRS advised taxpayers that the doubling of the standard deduction due to the Tax Cuts and Jobs Act is likely to reduce the number of taxpayers who normally itemize. For 2018, the standard deduction is:
- Single: $12,000 (up from $6,350 in 2017)
- Married filing jointly: $24,000 (up from $12,700 in 2017)
In previous years, about one out of three taxpayers itemized. The IRS expects that number to be lower for tax year 2018.