Tax News
Taxes are constantly in the news! Check out the latest tax headlines from the United States and around the world below.
Updated Federal Tax Code May Give Virginia Millions of Dollars in Revenue
Virginia requires individuals to claim the standard deduction on their state returns if they are claiming it on their federal returns. According to the Nicole Kaeding at the Tax Foundation, this may result in taxpayers claiming fewer state deductions, giving the government more money. State officials predict that the government would receive about $300 million.
http://wvtf.org/post/thanks-federal-tax-code-virginia-could-see-millions-new-revenue
IRS Releases Drafts for 2019 W-4 Form and Instructions
Due to tax code updates from the Tax Cuts and Jobs Act, the IRS released a draft of the 2019 W-4 Form. The form removes the line to report the number of allowances a taxpayer is claiming since the Act eliminates personal exemptions, as well as related worksheets. Unlike the 4-page 2018 W-4, the 2019 W-4 is less than two pages.
https://www.journalofaccountancy.com/news/2018/jun/irs-draft-2019-form-w-4-201819130.html
Will Tax Reform Affect My 2018 Tax Return?
The Income Tax Reform passed by Congress may affect your 2018 taxes in a big way!
2018 Income Tax Reform