The TCJA Shifted The Benefits Of Itemized Deductions To Higher-Income Households

The TCJA Shifted The Benefits Of Itemized Deductions To Higher-Income Households

The change was largely driven by two elements of the TCJA: Its increase in the standard deduction and its $10,000 cap on the state and local tax deduction. Combined with other changes, they resulted in a big decline in the number of people itemizing deductions.

The Social Security Administration Warns On Phone Scams

The Social Security Administration Warns On Phone Scams

The Social Security Administration issued a warning today about an ongoing Office of the Inspector General (OIG) impersonation scheme. The scheme echoes a pattern where thieves pretend to be from government agencies, like those involving scammers posing as callers from the Internal Revenue Service (IRS).

Tax reform changes affecting small businesses

Tax reform changes affecting small businesses

With just a few months left in tax year 2018, the Internal Revenue Service today urges small business owners to learn about how the new tax law changes may affect them.