Arizona legislature proposes nonconformity
The Arizona State Legislature is considering a bill, SB 1166, which would have Arizona not conform to six provisions of the federal TCJA tax reform act. The measure would be effective for 2018 and 2019. Because tax season is underway and many thousands of Arizonans have already filed, the bill is opposed by AzSEA and other accounting groups.
QBI final regs issued
IRS issued final regulations and additional guidance for the 20% Qualified Business Income Deduction. Safe harbor clarifies that many rental real estate owners to claim QBI deduction.
Booklet X now available
AzDOR has released the 2018 edition of Booklet X, the complete collection of Arizona tax forms. Download it at https://azdor.gov/forms/booklet-x
Tax Reform pub for taxpayers
The IRS has issued a “summary” of tax reform provisions geared toward taxpayers (who want to know a lot): Pub 5307, Tax Reform Basics for Individuals and Families
Latest handy numbers
IRS announcements & guidance
- 2019 inflation adjustments: Rev.Proc. 2018-57
- 2019 mileage rates
- Deducting business meals: Notice 2018-76
- FAQ on 20% Deduction for Qualified Business Income
- Section 199A guidance
IRS also has set up a webpage of resources about the Tax Cuts & Jobs Act (TCJA).