On Friday, February 9, 2018, Congress passed the Bipartisan Budget Act of 2018 which made retroactive numerous provisions that will impact 2017 tax returns. Many of these provisions were set forth in the Pro Support Blog posting “Expired Tax Provisions Have Been Extended Retroactively” which was issued shortly after the Act was passed.
Set forth below is the IRS statement on this development.
“The IRS is reviewing the legislation signed Feb. 9 that retroactively extended and modified numerous tax provisions covering 2017. We are assessing these significant changes in the tax law and beginning to determine next steps. The IRS will provide additional information as quickly as possible for affected taxpayers and the tax community.”
As further information becomes available, it will be posted on this blog. At this time we are still waiting on the IRS for instructions on how to proceed, and once the IRS provides their instructions, the appropriate changes will be made to the tax program. Keep watching this blog and the message center for further information.
Taxpayers that have already filed 2017 tax returns that are impacted by this change will have to amend their returns.