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Tax Filing Season for 2018 Begins Jan. 29, Tax Returns Due April 17; Help Available for Taxpayers

January 4, 2018 The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February. The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15.

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Get Ready for Taxes: Choosing a Tax Return Preparer?

January 3, 2018 As the tax filing season approaches, the Internal Revenue Service is reminding taxpayers to start thinking about who will prepare their federal tax return. In 2017, more than 132 million individual and family tax returns were e-filed, the most accurate, safest and easiest way to file. More than 16 million were prepared on a computer and printed or prepared by hand, then mailed. The IRS stresses that no matter who prepares a federal tax return, by signing the return, the taxpayer becomes legally responsible for the accuracy of all information included.

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Next Stop for Tax Reform: The Oval Office

December 21, 2017 Recently, both houses of Congress passed a tax reform bill titled “To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,” also known as the Tax Cuts and Jobs Act. The legislation is now bound for the President’s desk. After a Senate and House conference committee reviewed the preexisting bills from both houses, a number of changes and consolidations were made to create the final bill.

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GASB Issues Implementation Guide on Other Post Employment Benefits

December 19, 2017 The Governmental Accounting Standards Board (GASB) recently issued a new Implementation Guide that contains questions and answers about the GASB’s new standards on accounting and financial reporting for postemployment benefits other than pensions. Those benefits (primarily retiree healthcare) are referred to as other postemployment benefits (OPEB).

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House Passes Tax Reform Bill

December 19, 2017 The House of Representatives voted on Tuesday afternoon to pass the Tax Cuts and Jobs Act, H.R. 1, by a vote of 227–203, with 227 Republicans voting yea and 191 Democrats and 12 Republicans voting no.

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