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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.

Receive An IRS Summons? Here's What To Do

Receive An IRS Summons? Here's What To Do

Almost any IRS correspondence is stressful, but when a request for substantiation or documents looks like legal process, stress levels go higher. Usually, the IRS asks for information in an IDR, on IRS Form 4564. You are under no legal obligation to respond, but you generally should. Otherwise, your case with the IRS will escalate. The first way an IRS probe usually escalates is from an IDR to a summons.