WISE BOOKKEEPING AND TAX
News and Updates
- The IRS recently issued a notice announcing that it intends to issue regulations providing clarification regarding:
1) The special rules for contributions of refunded qualified higher education expenses to a qualified tuition program under IRC section 529,
2) The new rules permitting a rollover from a qualified tuition program to an ABLE account under IRC section 529A, and
3) The new rules treating certain elementary or secondary school expenses as qualified higher education expenses under IRC section 529.
- Draft copy of 2018 From 1040 released by IRS
- The Treasury Department and the Internal Revenue Service today issued proposed regulations on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service.