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Last month, the Internal Revenue Service released Notice 2017-64, which provides the annual cost-of-living adjustments and contribution limits on 401(k) plans, pension plans, and other retirement accounts for 2018.

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On October 12, The Internal Revenue Service (IRS) announced that there is a new cyber scam to be aware of. The scam is an intricate plan that has affected both tax pros and taxpayers alike, and is being used by cybercriminals to obtain access to annuity and life insurance accounts.

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The Social Security Administration (SSA) has announced that the maximum amount of wages subject to the 6.2 percent Social Security tax (old age, survivor and disability insurance) for 2018 will rise from $127,200 to $128,700. The increase of just over one percent is a lot less than the seven percent jump from 2016 to 2017.

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The House Ways and Means committee released the Tax Cuts and Jobs Act. This finally gives the American people insight into the tax reform that President Trump and the Republicans have been talking about since April. The Act is being touted as the first major tax reform since the Tax Reform Act of 1986. The Ways and Means committee is indicating that this will save the average American family $1,182 in taxes. In addition, due to simplification, an individual or family will be able to file their taxes on a form as simple as a postcard.

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The Internal Revenue Service has recently announced the launch of country-by-country (CbC) reporting pages on irs.gov which will provide background information on CbC reporting, frequently asked questions and other helpful resources, including a list of jurisdictions that have concluded competent authority arrangements with the United States.

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In 2015, the PATH Act (Protecting Americans from Tax Hikes Act) was passed. Starting in 2016, the PATH Act was enacted which extended additional benefits to business owners.

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According to UHY partner Christopher Byrne, the Internal Revenue Code provides that, in general, income from the sale of personal property is sourced based on the residence of the seller. Therefore a sale of personal property by a US resident is sourced in the United States, while such property sold by a non-resident of the United States is treated, for US tax purposes as sold outside the US.

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As part of the Affordable Care Act (ACA), one of the many excise taxes imposed by this act is again quickly approaching. The Patient-Centered Outcomes Research Institute (PCORI) fee is an excise tax imposed on health insurance issuers and plan sponsors of self-insured health plans effective for plan years ending on or after Oct. 1, 2012.

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On May 4, the House of Representatives passed the American Health Care Act (AHCA) by a vote of 217 to 213. However, instead of promptly sending the bill to the Senate, the House instead waited for the Congressional Budget Office's (CBO) analysis. The CBO, along with the Joint Committee on Taxation (JCT) issued its report on May 24.

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Yesterday, the House of Representatives passed the American Health Care Act (AHCA) in a narrow vote of 217 to 213 after the bill had been amended from its previous version proposed a few weeks earlier. The AHCA is new proposed legislation that will repeal and replace parts of the Affordable Care Act (ACA) which is currently the law of the land. While this is only the first step of the new legislation, here are a few of the highlights of the bill.

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