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Wondering when the Per Diem Revenue Procedure was ever going to be updated? Well the IRS just updated it! Click the following link to go to new IRS Revenue Procedure 2019-48 which addresses per diems. This replaces IRS Revenue Procedure 2011-47.
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Click here for information about California Individual Health Care Mandate: https://www.ftb.ca.gov/about-ftb/newsroom/news-articles/health-care-mandate.html
A good recent article
By Susan Thomas and Jason Lange
WASHINGTON (Reuters) – Tax refunds to Americans so far in 2019 are flat compared to the same period last year, U.S. Treasury Secretary Steven Mnuchin said on Thursday.
Mnuchin, who was speaking at a hearing in the U.S. House of Representatives on Trump’s 2020 budget proposal, did not provide specifics on the dollar value of refunds made this year.
“Tax refunds are flat on last year”, he said.
Previously released Treasury data has showed the government has refunded $142.4 billion to taxpayers this year through March 1, down 3.5 percent from a year earlier. The average refund made, at $3,068, was 0.7 percent higher than a year earlier.
A soft trend for tax refunds could present a messaging challenge for the Trump administration, which has been touting a tax cut enacted last as a major boost to household finances.
While tax rates have fallen for most households, for some Americans their annual rebate is a palpable interaction with the tax code.
Mnuchin said refunds should actually fall when tax obligations fall. Many Americans pay more taxes than they owe over the course of the year. If they were able to estimate exactly what they owe and instructed employers to withhold just that, they would not get a refund at the end of the tax year.
“The fact that refunds are the same means in essence that people did not adjust their holding enough to take advantage of the tax act”, Mnuchin said, referring to the tax law enacted last year. “Because taxes are down refunds should be down.”
This week a new bill in the Senate was introduced entitled Tax Extender and Disaster Relief Act of 2019 which has one Republican and one Democrat as sponsors.
If passed, a number of tax breaks that expired in 2017 would be extended which would case a flurry of amended returns.
Among the breaks: mortgage insurance premiums, home energy credits, principal residence indebtedness and more
To follow the bill use this link: Tax Extender Bill Congress.gov
To see the summary of the bill: Summary of Extenders Bill
Will this pass? Even though this is a bipartisan Senate bill, the House may be too busy with their partisan drama to pay attention 🙂
Many taxpayers are in for a big surprise when they file their returns this year. At the end of 2017, Congress passed one of the most dramatic reforms of the tax code since the 1980s. Which took effect in the 2018 tax year. Many travel nurses have not kept up with the changes or assume the changes will start in 2019. Learn more.
Here is a link to the webinar we did with Nomadicare discussing tax reform and the changes ahead for travelers in all industries
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