IRS has extended a Deadline

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The IRS has extended the due date for the 2017 information reporting requirements under the Affordable Care Act, for insurers, self-insuring employers, and certain other coverage providers. Specifically, the date is extended for furnishing to individuals the 2017 Forms 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage). The new due date is March 2, 2018 (originally Jan. 31, 2018). No extension is granted for furnishing forms to the IRS, which are due on Feb. 28, 2018. (Notice 2018-6)

How would homeowners fare under the proposed tax law?

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The Tax Cuts and Jobs Act would make several changes. For example, it retains the mortgage interest deduction (subject to a $1 million cap) for mortgages that already exist on Nov. 2, 2017, as well as for those who entered into a binding written contract before that date. However, for newly purchased homes, the deduction would be limited to $500,000 and taxpayers would be limited to one qualified residence. The bill would also retain the property tax deduction, subject to a $10,000 maximum.

Critics see flaws in Trump tax plan

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After the release of a “framework” for tax reform by the Trump administration, some critics voiced concerns about how the changes would affect the deficit. Senator Bob Corker (R-TN) said, “I’m not about to vote for any bill that increases our deficit, period.” Critics also cautioned that the proposed 20% income tax rate for pass-through businesses could be abused by wealthy individuals and certain partners, who could see substantial savings of large portions of their income unless Congress adds provisions to prevent abuse.

Revised health care plan to be unveiled Thursday

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U.S. Senate Majority Leader Mitch McConnell (R-KY) announced that a revised version of major health care legislation would be made public on 7/13 and a vote is expected sometime next week. McConnell didn’t disclose any of the changes that some Republican senators have opposed in the bill to repeal the Affordable Care Act. He also pushed back the Senate’s planned August recess by two weeks to allow senators more time to work on the measure.