After reviewing the IRS Publications attached, select and briefly summarize any three significant changes to individual income tax returns for 2018 as a result of the Tax Cuts and Job Act (TCJA). You...

After reviewing the IRS Publications attached, select and briefly summarizeany three significant changes to individual income tax returns for 2018as a result of the Tax Cuts and Job Act (TCJA). You must use your own words; DO NOT cut and paste from any source.The total length of your assignment should not exceed one page. You may want to focus on Pub 5307 for a summary of the changes, No need to list references.

Create your homework assignment in Word, and submit it in this assignment.

Note: Please do not worry about the year printed in the document. To our best knowledge, the relevant documents are most recent ones from IRS. So, they are also applicable to 2019 and 2020. The point of the assignment is to identify what changes in Individual taxation are made by TCJA passed in 2017 and summarize the changes in your own words. Hope this helps. Let us know if you have further questions.

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• Locate resources on the IRS website (https://www.irs.gov/tax-reform(Links to an external site.))


• Summarize changes to individual tax return as a result of Tax Cuts and Jobs Act in 2017)

Publication 5307 (Rev. 2-2020) Tax Reform Basics for Individuals and Families PUBLICATION 5307 TAX YEAR 2019 Publication 5307 (Rev. 2-2020) Catalog Number 71626U Department of the Treasury Internal Revenue Service IRS.gov Table of Contents Overview of the Tax Cuts and Jobs Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 What’s New for Tax Year 2019? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Health care coverage, coverage exemption and shared responsibility payment . . . . . . . . . . . . . . . . . 1 Repeal of deduction for alimony payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Deduction for medical and dental expenses modified by Public Law 116-94 . . . . . . . . . . . . . . . . . . . 1 Changes in Tax Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Federal Income Tax Withholding May Need Adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Paycheck Checkup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Updating Form W-4 After Doing a Paycheck Checkup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Making Estimated or Additional Tax Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Changes to Standard Deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Changes to Itemized Deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Limit on overall itemized deductions suspended. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Deduction for medical and dental expenses modified. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Deduction