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Month: April 2018

Clients Affected by February Tax Law Change

As discussed in our post on February 13, 2018, the tax law enacted in February made a retroactive change resulting in certain previously-expired provisions becoming available for the 2017 tax year.  The most significant of these extended provisions included: — The above-the-line deduction for higher education tuition/fees — The mortgage insurance premiums deduction on Schedule A —...

IRS E-File System Has Problems on Tax Due Date

The IRS e-file system was having technical problems on the morning of April 17, 2018.  Practitioners should continue to e-file returns as usual through their tax software, but they should expect delays in receiving acknowledgements for returns filed in the last day or so. This provides an interesting end to the tax season!

FBAR Reminder

As was the case last year, the due date for filing the Report of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15, but for the 2017 tax year, the due date was moved to April 17, 2018. All taxpayers are granted an automatic six-month extension to October 15 to file the FBAR, and taxpayers do not need to file any request for an FBAR extension.

Health Insurance Penalty

The new tax law, which was enacted on December 22, 2017, makes changes to the rules for the penalty for not having health insurance (line 61 on Form 1040), but those changes are not effective for the 2017 or 2018 tax years. Clients remain subject to the penalty for not having health insurance for themselves, their spouses and/or their dependents until the 2019 tax year.  Beginning in 2019, th...