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Here is a list of items from the new tax law, in case you don't want to wade through the details. (from smbiz.com) President Trump has signed the Taxpayer First Act into law. The Act was a bipartisan effort and effects a great number of changes to how the IRS deals with taxpayers. Some have significant effects. Some provisions of note include: change the seizure requirements with respect to structuring transactions to avoid the $10,000 financial reporting requirement, clarification of equity relief from joint liability, modification of procedures for issuance of third party summons, make changes to the private debt collection, modernization of the National Taxpayer Advocate, make changes to dealing with misdirected tax refunds, better address and deal with identity theft, create and internet platform for Form 1099 filings, expand the use of electronic filing of returns, mandatory e-filing by exempt organizations, increase in the penalty for failure to file from $205 to $330, waiver of some fees by low-income taxpayers, set new electronic filing requirements for Forms 1099 returns professionally prepared.

https://www.nysscpa.org/news/publications/the-trusted-professional/article/irs-reform-bill-signed-into-law-070219?utm_source=RealMagnet&utm_medium=Email&utm_content=74346&utm_campaign=7.2.19 Headlines