Taxpayers confused by the new tax law may want to file extensions — don’t do it TaxDay
Americans are still making sense of the Tax Cuts and Jobs Act, the largest tax-law reform in 30 years. The TCJA was enacted in December 2017, but many Americans are still unsure how it affects them, even though they’ll incorporate those changes into their returns for the first time this year.
For instance, individual tax rules can be hundreds of pages long, and the 35-day partial government shutdown in January did not help taxpayers and preparers either, as the Internal Revenue Service was significantly understaffed and not taking calls for its help line during part of the shutdown. Still, tax professionals are better-versed in the changes, and should be prepared to help, Rigney said. The country will see an adjustment period as the new tax law is implemented. The IRS may even wait a year or two before conducting audits on any of these 2019 returns, he said.
People with typically simple tax returns, however, shouldn’t have too much trouble incorporating the law changes, which doubled the standard deduction and limited itemized deductions. The IRS also has a 14-page document that breaks down the impacts of tax reform for individuals and families.
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